Rates see worst cuts in a decade: Easy-access deals down 0.35% and fixed Isas down 0.56% since start of year
Easy-access rates have plummeted by 0.35 per cent since the start of the year
Savers have now suffered the biggest rate cuts since the financial crash, research shows.
Easy-access rates have plummeted by 0.35 per cent since the start of the year, while longer-term fixed Isas are down by 0.56 per cent, according to Moneyfacts.
The data analysts say the velocity of cuts on variable and fixed-rate deals is the worst in more than a decade, creating a chasm between the best and worst deals on the market.
Experts now urge savers who are getting poor returns to switch.
Rachel Springall, finance expert at Moneyfacts, says: ‘It is imperative that savers act quickly to acquire the top rates regardless of which type of savings account they choose, as there seems no end to the downward trend.’