Savers have been warned that best savings account interest rates are tumbling and may continue to do so through the beginning of the year.
The heavily publicised 0.25 per cent cut by online bank ING was just the tip off an iceberg say analysts, as some of the biggest players in the field reduce the rates payable.
The move comes despite the Bank of England base rates of interest staying steady since August’s rate cut.
Alongside ING, West Bromwich Building Society has cut its rate by an unappealing 40 per cent, Scarborough and Woolwich building societies have both cut rates by 0.25 per cent and Halifax has cut rates by 0.23 per cent.
“Consumers need to take control of their savings to ensure they are getting a decent return on their hard earned savings,” said analyst Rachel Thrussel.
“Just because we haven’t seen a cut in base rate for five months, savers shouldn’t automatically assume that the interest rate on their savings account will remain untouched.
“They should keep a close eye on the best buy tables published in the national press or financial comparison websites, or if in any doubt, give their bank or building society a call to clarify,” she added.
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