Savers are being warned about reductions in returns due to interest rate cuts on over 200 accounts since the start of December. Experts advise switching to better deals from challenger banks which offer competitive returns.
Savers are being warned about reductions in returns due to interest rate cuts on over 200 accounts, according to a new report by The Sun. The publication found that since the beginning of December, over 200 accounts have had their interest rates reduced. Expert Martyn James commented that the large banks are acting like the Grinch by cutting savings rates during a busy period. Financial experts recommend switching to better deals as many are still available.
Current easy-access rates stand at 2.96%, down from 3.19% in 2023, while one-year fixed bond rates have also decreased from 4.31% to 4.1% since December 2023. Rachel Springall from Moneyfactscompare.co.uk advises not to overlook challenger banks, which offer competitive returns with the same protections as traditional banks. In addition, ISAs and notice accounts provide more flexible saving options
Savings Accounts Interest Rates Grinch Savings Returns Banks Financial Advice
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