Savings rate cuts come thick and fast after brutal NS&I blow

NS&I ripped up its best buy rates last week with savers set to earn as little as 0.01% from November

NS&I ripped up its best buy rates last week with savers set to earn as little as 0.01% from November

NS&I ripped up its best buy rates last week with savers set to earn as little as 0.01% from November

Interest rates are already falling as banks follow in the footsteps of National Savings & Investments.

Last week, the Government-backed provider announced savage cuts to its Income Bonds, Direct Saver and Direct Isa, which will pay just 0.01 per cent, 0.15 per cent and 0.1 per cent respectively from November. 

Days later, savers with Marcus easy-access account learnt their rate would drop from 1.05 per cent to 0.7 per cent  on October 12. 

The personal banking arm of Goldman Sachs blamed market conditions.

Meanwhile, TSB will stop paying interest on its Classic Plus current account as a result of ‘the continued low interest rate environment’. 

The rate fell from 3 per cent to 1.5 per cent in May. As of December 2, customers will earn zero.

Virgin Money’s current account offers the top rate of 2.02 per cent on balances of £1,000.

Nationwide’s FlexDirect pays 2 per cent on up to £1,500 for 12 months, as long as £1,000 is paid in every month.

After a year, the rate drops to 0.25 per cent. Coventry Building Society’s easy-access savings account offers a top rate of 1.1 per cent.

Rachel Springall, from Moneyfacts, says: ‘Generally, the savings market is very fluid right now, so good deals can change within a matter of days.’

a.murray@dailymail.co.uk

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