Some Barclays customers will see their savings accounts be hit by rate cuts very soon
Some Barclays banking customers will see their savings rates drop in just a couple of weeks. The banking giant will slash the rates on two of its savings accounts from February 13. Firstly, the interest rate for the Everyday Saver will drop from 1.51% to 1.26% for all balance up to £10,000 while accounts with more than £10,000 will actually see rates fo up from 1.16% to 1.26%.
The Rainy Day Saver is an exclusive type of savings account for customers who opt into Barclays Blue Reward scheme or are Premier Banking customers. It's important to note that the affected accounts are all easy-access savers, which means it allows customers to generally withdraw as much as they want form their savings without the risk of running a penalty.
The building society will introduce rate cuts between 0.1% and 0.26% on nearly 90 variable rate, instant access savings, and cash ISA offerings. “We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver," said Tom Riley, Nationwide's director of retail products.
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