Banks and building societies have been cutting rates on their savings accounts after last week's move by the monetary policy committee (MPC), figures show.
Research by uSwitch.com reveals that 24 savings account providers have reduce interest rates since last weeks change in the Bank of England base rate .
It also reveals that 14 lenders have cut the interest they offer on savings accounts by more than the change in the base rate.
Louise Bond, personal finance manager at uSwitch.com, said: "The plethora of changes brought in by providers highlights the need for consumers to keep a close eye on their savings accounts ."
People who are currently benefiting from savings accounts offering a high variable rate should be aware that these deals will not stay competitive for long, she warned.
Those who can afford to should lock their cash into a fixed rate savings account for a year or longer, Ms Bond added.
Recently, a study by Birmingham Midshires revealed that people seem to be resisting the urge to raid their savings accounts.
Savings rates falling, figures show
Financial Services > Saving Accounts > News
Savings rates falling, figures show
Tue, 18 Nov 2008
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