We name and shame the banks which chopped top savings accounts BEFORE the interest rates vote last week
Some of the UK's most well known banks are guilty of cutting interest rates on their products so they wouldn't have to pay out if the base rate went up
SAVERS are missing out on savings as interest rates were cut three times on some accounts since the beginning of April, according to MoneyFacts.co.uk
Several saving account offers were completely withdrawn from sale before the base interest rate was supposed to rise last week.
Banks decided to hedge their bets and cut the interest rates on their savings accounts in case the base rate went up and they would have to pay higher rates.
Some of the UK's best known banks including Halifax, Tesco and Nationwide have either lowered the interest rates on their accounts or have withdrawn the accounts from sale since the start of April.
This means that savers looking for a deal after the base rate remained unchanged are left with fewer options for high interest rates on new savings accounts.
Here are the banks who cut or withdrew high interest rate options for savers ahead of the base rate change.
Tesco Bank's Easy Access Saver was cut three times from the beginning of April down from 1.30 per cent to 1.12 per cent.
Masthaven Bank have reduced the rate on 1 year fixed rate account from 1.86 per cent to 1.70 per cent from the beginning of April.
While Wyelands Bank cut their interest rate on their 24 Month Fixed Rate account by 45 per cent from 2.15 per cent all the way to 1.70 per cent.
Halifax, Furness BS, Principality BS, Secure Trust Bank, Charter Savings Bank and Nationwide all withdrew savings accounts before the possible base rate rise.
A spokesperson from Nationwide has said : Our ISA was designed to coincide with ISA season, the plan was always to withdraw them from sale at the end of April."
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Here are some of the accounts that still have high rates for savers
HERE are some of the savings accounts that are still a good bet if you are looking to put your money away
Personal finance expert Andrew Hagger from MoneyComms.co.uk said: "The savings market is extremely competitive and rates never stay still for long, so it pays to shop around to find the best home for your cash."
"Here are some best buys - depending on how long you wish to lock your money away for - the longer you fix for the higher the rate"
- Easy Access - Paragon Bank 1.31 per cent - Instant Access
- Fixed rate savings bond 1 year - Milestone Savings 1.90 per cent
- Fixed rate savings bond 18 months - Metro Bank 1.90 per cent
- Fixed rate savings bond 2 years - Paragon Bank 2.11 per cent
- Fixed rate savings bond 5 years - Vanquis Bank 2.70 per cent
Rachel Springall from MoneyFacts.co.uk has said that this has happened before and that savers shouldn't rely on the base rate going up to get a good deal.
“If we look back to October 2017, a month before the Bank of England rose base rate by 0.25 per cent, we saw several savings providers cut their rates. "This included Halifax, who cut their Everyday Saver from 0.25 per cent to 0.05 per cent, and then upped the rate in November 2017 – after the base rate rise – to just 0.15 per cent for new customers."
“It may be prudent for savers to focus their attention on the top deals right now, and not resign themselves to waiting for a base rate rise to come along."
"This way, they can be in the right frame of mind to avoid missing out on the best rates available.”
The Bank of England may raise interest rates twice this year, bank governor Mark Carney has said that the rise is "Likely".
If you have lost track of an old bank account here is how to find it.
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