Halifax is to reduce its core savings rates by up to 0.25%, it announced today.

Rachel Thrussell, head of savings at independent financial comparison site moneyfacts.co.uk, said: “Whilst we have seen the launch of some competitively priced savings products this week, Halifax has bucked the trend by cutting rates on its core range.

“It is uncommon to see a provider reduce their rates in a period of base rate stability.”

The bank will however, be adding a bonus of 0.50% onto its Guaranteed Saver account, as well as offering 6.25% on its new Web Saver Extra account.