Metro Bank has already cut its former market-leading easy-access account from 5.22 per cent in January to just 1.65 per cent now, despite thereJames Blower, the founder of Savings Guru, said: “We are mostly seeing rates easing back. There’s only two easy-access providers paying five per cent or more – Oxbury at 5.02 per cent and Monument at 5.01 per cent.
One of the only benefits of high interest rates is that savings rates tend to rise as they do, meaning people get more return on their money. However, despite the base rate remaining high at 5.25 per cent, savings rates are falling.Mark Hicks, head of Active Savings at Hargreaves Lansdown, said: “I expect we will see 5 per cent and above easy-access rates disappear over the next month as these products suffer the most as we get closer to the Bank of England cutting rates.
Experts have suggested those looking to still benefit from a high-interest deal should lock in a fixed rate now before they are pulled from the market.