Now get just 0.05 pc from the Halifax

HALIFAX and Lloyds have slashed rates to the bone on their easyaccess accounts for new savers.

The cuts by two of Britain’s biggest savings providers come ahead of an expected rise in the Bank of England base rate early next month. Experts say big banks will continue to offer poor value even if they pass on any base rate rise in full — because they are starting from such a low point.

A 0.25 percentage point rise in base rate could lift Halifax’s easyaccess rate to a miserly 0.3 pc.

The top easy-access account, RCI Bank’s Freedom account, already pays 1.3 pc.

Halifax Everyday Saver — its standard easy-access account — now pays just 0.05 pc to new savers, or just 50p a year on each £1,000.

Once you have been in the account for a year, you are transferred to its Instant Saver, which is not on general sale and also pays 0.05 pc.

The bank has also cut the rate on its Isa Saver Variable to 0.2 pc, down from 0.35 pc. After 12 months your money is shifted into the bank’s Instant Isa Saver which pays just 0.05 pc.

Lloyds Bank Cash Isa Saver pays 0.2 pc to new savers. After a year you move into its Cash Isa Saver at an even lower 0.05 pc.

Its Easy Saver pays just 0.05 pc to those opening an account now.