People with money in an easy-access savings account at two of the UK’s biggest banks are being urged to move their cash before Thursday, or miss out on annual returns boost of up to £364. Finder.com is warning savers to act before August 29, before Natwest and the Royal Bank of Scotland (RBS) drop their easy-access rates.
Finder reports that both banks plan to lower the interest rates on their main easy-access savings product down from 1.75 per cent to 1.6 per cent.
This comes after the Bank of England made the decision to lower the base rate from 5.25 per cent to 5 per cent at the beginning of August. Financial analysts at Finder have been tracking the easy access savings rates at 16 of the UK's major banks since August 1 when the Bank of England first lowered the base rate.
The research showed that half of these banks have already lowered their rates, or set a date when they will, leading Finder to urge consumers to check their accounts and act now to avoid missing out on savings. Louise Bastock, savings expert at finder.com explained: “Many Brits are unaware that their savings might be gathering dust in accounts which aren’t paying competitive interest rates.
Our research revealed that a quarter of those with bank accounts don’t know what their current interest rate is but it’s so important to make sure that your money is working as hard as it can for you. “The average savings amount Brits have in a dedicated easy-access savings account is £7,784. Consumers i.