Savers are being urged to reconsider current saving accounts due to dropping rates over the next two weeks.
Savers are being urged to reconsider current saving accounts due to dropping rates over the next two weeks.(Image: Getty )
Personal finance site Finder is urging people with savings accounts to reconsider where they are keeping their money, as four major high street banks have scheduled to drop their rates within the next two weeks. Finder experts have been closely observing the savings rate changes to provide up to date information regarding who is cutting rates and when.
With the Bank of England lowering the base rate from 4 per cent to 3.75 per cent in December, this cut will impact many savers across the country, who are being warned to stay aware of any changes to their current savings accounts rates.
From Wednesday, January 14 Santander’s ‘Good for Life ISA’ and ‘Rate for Life’ accounts will be dropping by 0.25 per cent. In addition, numerous accounts at NatWest and RBS are scheduled to lower their offerings on January 19 by as much as 0.25 per cent.
READ MORE: Martin Lewis issues urgent warning to millions of people due to pay tax this monthREAD MORE: Starling Bank shares simple money habit to help people save an average of £1,600
Finder said those with Barclays also have reason to be concerned as the bank is scheduled to drop the rate on its ‘Reward Saver’, which was 2.10 per cent, and ‘Blue Rewards Saver’, which was 2.75 per cent, to 1.85 per cent and 2.51 per cent on January 28, 2026.
The full breakdown of savings rates dropping are listed below. The next base rate review is scheduled for February 5, 2026.
Santander
- Good for Life ISA, January 14
- From 4.00% to 3.75%
Santander
- Rate for Life, January 14
- From 4.25% to 4.00%
NatWest
- Digital Regular Saver (up to £5,000), January 19
- From 5.50% to 5.25%
NatWest
- Flexible Saver (£1 – £24,999), January 19
- From 1.06% to 1.00%
NatWest
- Savings Builder (up to £10,000), January 19
- From 1.50% to 1.25%
NatWest
- Help to Buy ISA, January 19
- From 1.85% to 1.60%
RBS
- Digital Regular Saver (over £5,000), January 19
- From 5.50% to 5.25%
RBS
- Flexible Saver (£1 – £24,999), January 19
- From 1.06% to 1.00%
RBS
- Savings Builder (over £10,000), January 19
- From 1.50% to 1.25%
Barclays
- Reward Saver, January 26
- From 2.10% to 1.85%
Barclays
- Blue Rewards Saver, January 26
- From 2.75% to 2.51%
Kate Steere, personal finance expert at Finder, said: “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.
“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.
“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.”
