Rank Rate cut: more savings deals worsen

Since the Bank Rate, the official cost of borrowing, was cut to 0.25pc, dozens of savings accounts have had their rate lowered, including both open and closed accounts, writes James Connington.

The cuts haven’t been limited to Bank Rate trackers, with easy-access accounts, notice accounts, cash Isas and more all being hit. He we summarise some of the recent rate reductions.

Charter Savings Bank

has cut rates on its 30 and 60-day notice accounts from 1.3pc to 1.05pc and from 1.45pc to 1.3pc respectively.

has cut the returns on its easy-access cash Isa from 1.3pc to 1.1pc and on its easy-access savings account from 1.15pc to 1pc.

Coventry Building Society Yorkshire and Clydesdale banks

have cut rates on their Headstart Saver from 1.5pc to 1.25pc, and Regular Home Saver from 0.5pc to 0.25pc.

West Bromwich Building Society

has cut rates on a host of easy-access accounts, although most are trackers, some of which now pay just 0.05pc. These include its Base Rate Tracker, Direct Tracker Saver and Oak Savings Account.

Some banks have also announced cuts to take place in future. It is not clear how many are in response to the Bank Rate cut, although ultimately the motivation matters little to savers.

plans to chop 0.4 percentage points off the rate on its Loyalty cash Isa range on September 29, taking the rates down to between 0.7pc and 0.9pc, depending on the account type.

HSBC Danske Bank

has announced the heaviest cut, saying it will take 1.5 percentage points off its cash Isa rate for those with balances of between £30,000 and £44,999, reducing the rate to 0.1pc. This is due to happen on September 18. Other banks and building societies

to announce cuts include

Marsden Building Society, Reliance Bank, FirstSave

and others. You can view a regularly updated list of the cuts at telegraph. co.uk/money. Rates are changing almost constantly at present, so the list is unlikely to be fully up to date at any one time.

Information has been provided by Savings Champion, which compiles rate data

Savers have endured dozens of rate cuts