Revealed: All the savings rates that have fallen since the base rate cut

The products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links marked with an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

Last week, the Bank of England finally took action and cut the base interest rate from 5.25 percent to 5 percent.

This is the seventh consecutive time the central bank has voted to hold rates. Before that, there had been 14 consecutive rate hikes since December 2021.

Rate cuts are often bad news for savers, as banks reduce the interest rates they pay on their savings accounts.

Analysis by This is Money has found that at least 39 savings accounts have already seen their rates cut, including fixed-rate easy-access savings accounts, ISAs and Lifetime ISAs.

Chip* 5.1% Easy Access Cash Isa

Chip’s Best Buy: Easy Access to Cash ISA* The bank that paid 5.1 percent was one of the victims of the Bank of England’s cut in its base interest rate.

Its variable rate follows the base rate by 0.6 percent, meaning that if the base rate goes up or down, the Chip rate will go up or down in line with it.

This is exactly what happened yesterday and Chip’s 5.1 percent rate has now fallen to 4.84 percent.

However, it is still a competitive rate and the next best easy access ISA on the market comes from Plum* which continues to pay 5.17 percent.

> Find the best cash Isa rates using our best buy tables

Other Cash ISA rate cuts:

• Easy access to Cynergy Bank: reduced from 4.87 percent to 4.82 percent
• Castle Trust Bank interest rate correction for one year: reduction from 4.94 percent to 4.9 percent
• Oaknorth Bank’s one-year interest rate correction: reduction from 4.84 percent to 4.62 percent
• Cynergy Bank One-Year Correction: Down from 4.93 Percent to 4.85 Percent
• Cynergy Bank two-year correction: down from 4.68 percent to 4.6 percent
• Cynergy Bank three-year correction: down from 4.56 percent to 4.4 percent

Oxbury Bank 5.04% Easy Access Account

Oxbury Bank offered the market-leading easy-access account, paying a record 5.04 per cent interest on deposits over £25,000.

This account is no longer available for new customers and is no longer available for new customers. This easy access account was a limited account, meaning it could be withdrawn at any time, as happened yesterday.

If you already have this account open, you will continue to pay a rate of 5.04 percent.

Oxbury Bank’s other easy access account, which pays 5.02 per cent on balances over £20,000, was also withdrawn from the market yesterday. This easy access account was also a limited time offer.

> Find the best savings rates easily accessible using our best buy tables

Other easy-to-access rate cuts:

• Monumental Bank with easy access: reduction from 5.03 to 4.7 percent
• Wealthify Easy Access: Down from 4.91 percent to 4.65 percent
• NuWealth Bank Easy Access (base rate tracking): reduced from 4.91 percent to 4.76 percent
• Easy access to Cynergy Bank: reduced from 4.94 percent to 4.8 percent
• Tandem Instant Access Saver: reduced from 4.9 percent to 4.65 percent
• Easy-access Kroo (base rate tracking): reduction from 4.35 percent to 4.1 percent
• Easy access chip: reduction from 4.84 percent to 4.58 percent

Union Bank of India 5.4% One Year Fixed Rate

Union Bank of India has reduced its one-year fixed rate from 5.4 per cent to 5.25 per cent. This was the market-leading one-year rate.

The next best one-year fixed-rate account pays 5.25 percent and is offered by Access Bank.

GB Bank also cut its one-year interest rate from 5.26 percent to 4.96 percent over the weekend.

> Find the best fixed savings rates using our best buy tables

Other fixed rate cuts:

• Tandem Bank annual interest rate: reduced from 5.12 percent to 5.01 percent
• Cynergy Bank Annual Interest Rate: Reduced from 5.1 Percent to 4.9 Percent
• United Trust Bank Annual Interest Rate: Reduced from 5.26 Percent to 4.96 Percent
• United Trust Bank 18-month rate: down from 5.05 percent to 5.95 percent
• Cynergy Bank 18-month: down from 4.9 percent to 4.8 percent
• Union Bank of India two-year: downgraded from 4.8 to 4.9 percent
• Cynergy Bank two-year: down from 4.9 percent to 4.7 percent
• Cynergy Bank three-year rate: down from 4.75 percent to 4.65 percent
• Hodge Bank three-year interest rate: reduced from 4.75 percent to 4.72 percent
• Hodge Bank five-year interest rate: reduced from 4.56 to 4.49 percent

Skipton Building Society 3.55% Lifetime ISA Interest Rate

Skipton Building Society has reduced the rate on its Lifetime ISA to 3.05 per cent from 3.55 per cent with effect from yesterday.

Lifetime Isas allow you to save up to £4,000 each tax year and earn a 25 per cent government bonus.

The best lifetime cash Isa in These are the best Money tables to buy Moneybox offers this interest rate, which is 5 percent. The rate includes a fixed bonus of 1 percent for the first year and the underlying interest rate is 4 percent.