Savings account warning as ‘more than 20’ providers slash interest rates – full list

More than 20 savings account providers have slashed interest rates for customers since the Bank of England cut its Base Rate last Thursday. The accounts targeted include easy access, notice, Cash ISAs, Junior ISAs and children’s savings accounts.

Not every provider passed on the Bank of England’s 0.25% cut. Some reduced returns by less, while some cut rates by even more. One provider, Atom Bank, reduced the interest rate on its Instant Saver Reward account by as much as 0.58%. According to research by Moneyfactscompare, other brands withdrew and replaced their accounts with lower rates. Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Savers will feel frustrated to see an abundance of providers cut rates since the Bank of England Base Rate cut. As more than a dozen brands cut by the end of last week, it’s only got worse.

“Over 20 providers have now cut since last Thursday, showing how quickly cuts are passed on to hard-pressed savers. It is essential that consumers stay in tune with market movements and switch to ensure they are not getting a raw deal.”

The savings expert highlighted that, over the past week, the Moneyfacts Average Savings Rate has dropped from 3.50% to 3.47%.

More savings account interest rate cuts are in the pipeline. According to personal finance site Finder, the following accounts will have rates reduced in the coming days and weeks:

• Chase Saver (Boosted) – 4.75% (down from 5.00%, marking a -0.25 cut to take effect on August 14, 2025)
• Chase Saver (Standard) – 2.50% (down from 2.75%, marking a -0.25 cut to take effect on August 14, 2025)
• Co-op Bank Instant Access Base Rate Tracker (tiered) – 1.25% (down from 1.50%, marking a -0.25 cut to take effect on August 14, 2025)
• Moneybox Cash ISA (Standard) – 3.50% (down from 3.75%, marking a -0.25 cut to take effect on August 22, 2025)
• Aldermore Easy Access Savings Account – 3.15% (down from 3.55%, marking a -0.40 cut to take effect on August 22, 2025)
• Aldermore Easy Access Cash ISA – 3.15% (down from 3.55%, marking a -0.40 cut to take effect on August 22, 2025)
• NatWest Digital Regular Saver (over £5,000) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• NatWest Flexible Saver (£1 – £24,999) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• NatWest Savings Builder (over £10,000) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• NatWest Cash ISA (£1 – £24,999) – 1.15% (down from 1.40%, marking a -0.25 cut to take effect on August 28, 2025)
• NatWest Help to Buy ISA – 1.85% (down from 2.05%, marking a -0.20 cut to take effect on August 28, 2025)
• RBS Digital Regular Saver (over £5,000) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• RBS Flexible Saver (£1 – £24,999) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• RBS Savings Builder (over £10,000) – 1.06% (down from 1.15%, marking a -0.09 cut to take effect on August 28, 2025)
• RBS Instant Access ISA (£1 – £24,999) – 1.15% (down from 1.40%, marking a -0.25 cut to take effect on August 28, 2025)
• Santander Good for Life ISA – 4.00% (down from 4.25%, marking a -0.25 cut to take effect on September 2, 2025)
• Santander Rate for Life – 4.25% (down from 4.50%, marking a -0.25 cut to take effect on September 2, 2025).

Ms Springall continued: “The rate moves really depend on the funding appetite of the savings provider, with many of the top rates still on offer from challenger banks and building societies.

“The cuts prove that a variable rate savings account does not need to be linked to the Bank of England Base Rate to get hit, but this cut does give providers a green light to review rates.”

With inflation predicted to rise to 4% in September, Ms Springall warned that many savers will see the value of their pots “erode”.

She noted: “As it stands, less than 10% of variable rate savings accounts pay more than 4%. It’s not much better including fixed deals, as overall less than a third of the standard savings market pays over 4%”.

She urged: “Savers need to keep a close eye on the market for any vanishing accounts and ensure they abandon their loyalty if it is not being rewarded with a decent savings rate.”

Which providers have already cut rates?

Moneyfacts shared a selection of providers who cut rates between August 7 to August 12, which includes:

• Atom Bank Instant Saver Reward – 3.93% (down from 4.51%, marking a -0.58 cut)
• Kroo Bank Ltd’s Easy Access Account – 3.69% (down from 3.98%, marking a -0.29 cut)
• Melton Building Society’s 14 Day Notice Account – 3.75% (down from 4.00%, marking a -0.25 cut)
• Monument Bank’s Easy Access Cash ISA – 3.93% (down from 4.17%, marking a -0.24 cut)
• Monument Bank’s Easy Access Savings – 3.71% (down from 3.96%, marking a -0.25 cut)
• NuWealth GB Bank’s Base Rate Tracker – 3.54% (down from 3.79%, marking a -0.25 cut)
• OakNorth Bank’s 20 Day Notice Account – 3.78% (down from 4.12%, marking a -0.34 cut)
• Oxbury Bank’s 120 Day Notice Base Rate Tracker – 4.31% (down from 4.55%, marking a -0.24 cut)
• Oxbury Bank’s Easy Access Bonus Base Rate Tracker 1 – 4.28% (down from 4.52%, marking a -0.24 cut)
• Plum’s Cash ISA – 4.36% (down from 4.60%, marking a -0.24 cut)
• Plum’s Lifetime ISA – 4.05% (down from 4.29%, marking a -0.24 cut)
• Sidekick’s High Yield Cash Reserve 6 – 3.63% (down from 3.87%, marking a -0.24 cut)
• Skipton BS Cash ISA Saver – 2.30% (down from 2.80%, marking a -0.50 cut)
• Skipton BS Childrens Trust Saver – 2.30% (down from 2.80%, marking a -0.50 cut)
• Snoop Easy Access Savings Account – 4.30% (down from 4.60%, marking a -0.30 cut)
• Tandem Bank Instant Access Savings Account – 3.59% (down from 3.83%, marking a -0.24 cut)
• United Trust Bank UTB 180 Day Notice Base Rate Tracker – 4.00% (down from 4.25%, marking a -0.25 cut)
• United Trust Bank UTB Easy Access Account – 4.00% (up from 3.75%, marking a +0.25 rise)
• Vanquis Bank Easy Access Account – 3.48% (down from 3.75%, marking a -0.27 cut)
• Wealthify, an Aviva company Cash ISA – 3.75% (down from 4.00%, marking a -0.25 cut)
• Wealthify, an Aviva company Instant Access Savings Account – 3.55% (down from 3.80%, marking a -0.25 cut)
• Castle Trust Bank e-Saver – 3.81% (down from 4.16%, marking a -0.35 cut)
• Chorley Building Society 60 Day Account – Yearly – 3.00% (down from 3.25%, marking a -0.25 cut)
• Chorley Building Society 60 Day Cash ISA – Yearly – 2.70% (down from 2.95%, marking a -0.25 cut)
• Cynergy Bank Online Easy Access Account – 4.00% (down from 4.45%, marking a -0.45 cut)
• Hampshire Trust Bank Online Easy Access Account – 4.00% (down from 4.15%, marking a -0.15 cut)
• Leeds BS Access Saver (Issue 10) – Yearly – 1.70% (down from 1.85%, marking a -0.15 cut)
• RCI Bank 95 Day – 4.50% (down from 4.70%, marking a -0.20 cut)
• Santander Inheritance ISA – Yearly – 2.70% (down from 2.85%, marking a -0.15 cut)
• Santander Junior ISA (Issue 2) – Yearly – 2.70% (down from 2.80%, marking a -0.10 cut)
• UBL UK Raisin UK – 95 Day Account – 3.98% (down from 4.20%, marking a -0.22 cut).