Savings alert as banks cut interest rates
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Market analyst Moneyfacts named Coutts & Co, Abbey and the Derbyshire Building Society as the worst offenders. They have lowered certain savings rates by 0.4, 0.5 and 0.6 per cent respectively. In addition, Teachers Building Society has cut its savings rates by up to 0.35 per cent.
Rachel Thrussell, head of savings at Moneyfacts, said: "Customers need to look at the rate they will now be offered and, if they feel they are not receiving a competitive rate, they will find plenty of others who will welcome their custom."
In addition to the savings-rate reductions, 28 mortgage lenders have, so far, cut their standard variable interest rates. In most cases, borrowers will benefit from the full MPC reduction. But about 100 lenders have yet to state what action they will take.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments