Major bank slashes savings rates below 4% today – full rundown of what banks are offering

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Savers have been hit hard today as one bank has reduced its savings rates to below 4%.

As of today (July 8), Metro Bank is reducing the rate on its variable Current Limited Edition Savings account to 3.95%. Although new customers have not been able to register for the savings account, it remained available for individuals who signed up for the deal before it was withdrawn from the market.

Customers would have been able to benefit from a generous savings rate of up to 5.22% if they opened a Current Limited Edition Instant Access Account or an Instant Cash ISA between November 10, 2023 and February 12, 2024.

The customers affected by this change would have previously had one of the following rates:.

  • 5.22% AER.
  • 4.97% AER.
  • 4.51% AER.
  • 4.01% AER.

Those impacted by today’s change should have already received notification from Metro Bank, including the date when it would take effect. Customers should also have been informed about the removal of the ‘end date’ on all Current Limited Accounts, at which point the interest rate changes.

While this typically occurs after a year, customers will now be notified if it has been decided that the rate ends or if their current deal is altered.

Looking to switch to a better rate?

Metro Bank’s previous rates were extremely generous, but it was not the only bank on the market offering rates above 4%. Other rates on the market that may appeal to some customers include:.

Chase – 5.1%.

Chase is enticing both new and some existing customers with a savings rate of 5.1% AER per month. To qualify, customers must either open a Chase current account or be an existing customer who had less than £50,000 saved on May 2 of this year.

Cynergy Bank – 4.94%

Cynergy Bank is offering a competitive 4.94% AER with its Online Easy Access Account, requiring just a £1 minimum deposit. However, the higher interest rate only applies for the first 12 months before it drops to 3.75%.

Oxbury – 5.02%

Oxbury is providing customers with a savings rate of 5.02% AER per month through its Easy Access Account Limited Edition. This account requires a minimum deposit of £20,000 and caps at a maximum deposit of £500,000.

Santander – 7%

Santander is presenting its Edge Saver with a whopping 7% interest rate per month, requiring only a minimum deposit of £1. However, customers must already hold a Santander Edge current account, which carries a £3 monthly fee.

To maintain the account, customers must also deposit at least £500 a month and have two or more active direct debits. The 7% rate includes a 2.5% bonus which only exists on the account for the first 12 months.

Ulster Bank – 5.2%

Ulster Bank, a subsidiary of NatWest, is offering both new and existing customers a savings rate of 5.2% AER with a minimum deposit of £5,000.