The best deals on one-year fixed-rate bonds are falling below 6 percent and the best ones are quickly being withdrawn from sale.
Savers looking for a high-paying bond are warned to look into one soon, in case rates fall further.
The top one-year rate is now 6.1 percent from Ahli United Bank through savings platform Raisin, but that is expected to disappear by the end of the week, if not sooner.
Close Brothers and Cynergy Bank pay 5.95 percent, but these deals are not expected to last long either.
Longer-term bonds are also down, with the top two-year rate at 5.95 percent, also from Cynergy Bank.
Disappearing deals: Savers looking for a high-paying bonus are warned to lock in one soon in case rates fall further
The five-year headline bond is now 5.8 percent for JN Bank or 5.65 percent for Tandem.
The reductions follow National Savings & Investments’ (NS&I) decision to close its popular one-year fixed rate bond at 6.2 per cent earlier this month.
This higher paying account set the bar high and forced other banks and building societies to up their game.
Since NS&I withdrew Guaranteed Growth Bonds, competition has cooled. Fixed rate bond prices are set based on what money markets believe will happen to interest rates.
There is now growing expectation that the Bank of England will cut rates next year, particularly given the uncertain economic outlook.
The base rate was unchanged at 5.25 percent last month, after a streak of 14 consecutive increases.
Tax-free cash Isa rates are also falling with a top rate of 5.72 per cent for one year from Charter Savings Bank and 5.7 per cent from Virgin Money. NatWest Bank pays 5.65 per cent over two years.