The Bank of England’s decision to cut the base rate from 4 per cent to 3.75 per cent in December will affect savers across the country

Afro American woman withdrawing money at the ATM

Some people may see a change to their savings rates(Image: Getty Images)

Personal finance website Finder is urging people with savings accounts to re-evaluate their banking arrangements, as four major high street banks are poised to slash their rates in the upcoming fortnight. The experts at Finder have been meticulously tracking these shifts in savings rates to provide up-to-the-minute updates on which institutions are cutting rates and when.

The Bank of England’s recent move to lower the base rate from 4 per cent to 3.75 per cent in December will impact a multitude of savers across the country. These individuals are being warned to stay alert for any changes to their current savings account rates.

From Wednesday, January 14, Santander will be trimming the rates on its ‘Good for Life ISA’ and ‘Rate for Life’ accounts by 0.25 per cent. Additionally, a selection of accounts at NatWest and RBS are set to reduce their offerings on January 19 by up to 0.25 per cent.

Barclays customers also have reason to worry, according to Finder. The bank intends to decrease the rate on its ‘Reward Saver’, previously 2.10 per cent, and ‘Blue Rewards Saver’, formerly 2.75 per cent, to 1.85 per cent and 2.51 per cent respectively on January 28, 2026.

Hands of Flower Shop Visitor making a contactless card payment

A variety of accounts will see their rates drop(Image: Getty Images)

A detailed rundown of the forthcoming reductions in savings rates is provided below. The next review of the base rate is scheduled for February 5, 2026, reports the Daily Record.

Santander

Good for Life ISA, January 14From 4.00% to 3.75%

Santander

Rate for Life, January 14From 4.25% to 4.00%

NatWest

Digital Regular Saver (up to £5,000), January 19From 5.50% to 5.25%

NatWest

Flexible Saver (£1 – £24,999), January 19From 1.06% to 1.00%READ MORE: Binman’s ‘tear it in half’ advice ahead of new four-bin ban listREAD MORE: Doctor urges action if you see one of these four ‘problems’ with you log burner

NatWest

Savings Builder (up to £10,000), January 19From 1.50% to 1.25%

NatWest

Help to Buy ISA, January 19From 1.85% to 1.60%

RBS

Digital Regular Saver (over £5,000), January 19From 5.50% to 5.25%

RBS

Flexible Saver (£1 – £24,999), January 19From 1.06% to 1.00%

RBS

Savings Builder (over £10,000), January 19From 1.50% to 1.25%

Barclays

Reward Saver, January 26From 2.10% to 1.85%

Barclays

Blue Rewards Saver, January 26From 2.75% to 2.51%

Handsome Older Man with Grey Hair and Beard is Withdrawing Money from Cash machines

Savers may lose out due to rate changes(Image: Getty Images)

Kate Steere, a personal finance expert at Finder, shed some light on these changes: “The gap between the best and worst savings rates on the market is striking. If you were earning the new NatWest or RBS rate of 1.00 per cent AER with the amount we found the average Brit has saved (£16,067), you’d get just £160 in interest over the course of the year.”

She added: “Compare this to a top-of-market rate like Chase’s 4.5 per cent, which would generate around £720 in interest on the same amount over the same period, and the real impact of where you put your money becomes clear.”

Ms Steere further commented: “Analysts aren’t predicting further changes to the base rate in the near future, so now is the time to give your savings a new year reset and find yourself a rewarding rate. 2026/2027 is also the last tax-year before the Cash ISA limit is cut to £12k, so if you can afford to lock your cash away, now is a great time to seek out a good deal on a fixed-rate ISA. Currently, Investec is offering 4.12% AER for a 1-year fix.”