High street banks and building societies are beginning to cut interest rates on popular savings accounts in a blow to customers. Savers are at risk of being awarded with lower returns following the Bank of England’s decision to cut the base rate from five per cent to 5.25 per cent. For nearly a year, the base rate has remained at a 16-year high as part of the central bank’s efforts to rein in inflation. It influences the interest rates provided by banks and building societies on multiple products, including mortgages and savings accounts. While homeowners are likely to benefit from last week’s…
