Savers suffer more rate cuts
High street banks have continued the trend of rate cuts for savers started in January, with some of the main high street players announcing reductions this week.
The cuts are being applied to certain types of accounts only, with many banks remaining very competitive in the personal savings account market when it comes attracting new savers.
Moneyfacts.co.uk, a financial comparison website, has published details of the latest rate cuts, urging consumers to regularly check the rate on their account to ensure they are getting the best deal.
Rachel Thrussell, head of savings at Moneyfacts.co.uk, said: “Existing customers should regularly check the interest rates on their accounts to ensure they are still getting the best deal. They should keep an eye on the best buy tables published in the national press or on financial comparison websites.
“The recent reductions have been on selected products only, rather than being ‘across the board’ cuts, so it is even more important for consumers to be aware of what is happening with their bank or building society.”