Money-saving guru Martin Lewis has issued an urgent warning to millions of UK savers as leading banks dramatically cut rates on popular easy-access accounts.
Why Savers Must Act Now
Several major providers have quietly reduced their interest rates this month, leaving many customers earning significantly less on their hard-earned cash. "This is a crucial window for savers," Lewis emphasized in his latest MoneySavingExpert newsletter.
The Disappearing Top Rates
Just weeks ago, savers could find accounts offering over 5% interest. Now, the best easy-access rate has fallen to 4.8%, with analysts predicting further drops. "The golden period for savings rates is ending," Lewis warned.
Three Smart Moves for Savers
- Switch immediately if your rate has been cut – new customer deals remain higher
- Consider fixed-rate bonds if you won't need the money for 1-5 years
- Check smaller banks who often offer better rates to attract customers
The Hidden Trap for Loyal Customers
"Loyalty often punishes savers," Lewis noted, revealing that some banks pay just 1% on older accounts while offering 4%+ to new customers. Regular rate checks could earn you hundreds extra each year.
With the Bank of England potentially cutting base rates later this year, financial experts agree: there's no time to waste in securing the best possible return on your savings.
