Revealed: All savings rates cut since base rate cut, including Chip and Zopa

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Last week the Bank of England finally took the plunge and cut the base rate from 5.25 percent to 5 percent.

It follows seven consecutive occasions on which the central bank voted to keep rates on hold, followed by 14 consecutive base rate hikes since December 2021.

Interest rate cuts are bad news for savers, as banks are lowering interest rates on savings accounts.

Analysis by This is Money has revealed that at least 41 savings accounts have already had their interest rates cut, including low-interest savings accounts, fixed-rate savings accounts, Isas and Lifetime Isas.

Chip* 5.1% easy access cash Isa

Chip’s Best Buy Easy Access Cash Isa* paying 5.1 percent was one of the casualties of the Bank of England’s base rate cut.

The variable rate follows the base rate of 0.6 percent. This means that if the base rate goes up or down, Chip’s rate goes up or down proportionally.

That is exactly what happened yesterday: Chips yield has now fallen from 5.1 percent to 4.84 percent.

However, this is still a competitive rate, and the next best easy-access Isa on the market comes from Plum* who still pays 5.17 percent.

Zopa has announced it will cut its easy-access Isa variable rate from 5.08 per cent to 4.8 per cent from 19 August. The rate includes a 0.5 per cent bonus which is fixed for one year from the date the Isa is opened.

> Find the best cash Isa rates using our best buy tables

Other cash Isa interest rate reductions:

• Cynergy Bank easy-access: reduced from 4.87 to 4.82 percent
• Castle Trust Bank one-year fix: reduced from 4.94 to 4.9 percent
• Oaknorth Bank one-year fix: cut from 4.84 to 4.62 percent
• Cynergy Bank one-year fix: reduced from 4.93 percent to 4.85 percent
• Shawbrook Bank one-year fix: reduced from 4.96 to 4.68 percent
• Cynergy Bank two-year fixed: reduced from 4.68 to 4.6 percent
• Cynergy Bank three-year fixed: reduced from 4.56 to 4.4 percent

Oxbury Bank 5.04% Easy Access Account

Oxbury Bank offered the market-leading easy access account, with an impressive interest rate of 5.04 per cent on deposits over £25,000.

This has now been completely taken off the market and is no longer available to new customers. This easy access account was a limited account, meaning it could be withdrawn at any time, which happened to be yesterday.

If you have already opened this account, the rate remains 5.04 percent.

Oxbury Bank’s other easy-access account, which pays 5.02 per cent on balances of £20,000 or more, was also taken off the market yesterday. This easy-access account was also a limited-time offer.

Zopa is also reducing the rate for easy access accounts to between 4.3 percent and 4.54 percent from 19 August 2024.

> Find the best, easily accessible savings rates using our best-buy tables

Other easily accessible rate cuts:

• Leeds Building Society easy-access: reduced from 4.85 to 4.8 percent
• Aldermore Bank easy-access: reduced from 4.9 percent to 4.75 percent
• Hampshire Trust Bank easy-access: reduced from 4.9 percent to 4.65 percent
• Monument Bank easily accessible: reduced from 5.03 to 4.7 percent
• Wealthify easy-access: reduced from 4.91 percent to 4.65 percent
• NuWealth Bank easy-access (basic interest tracker): reduced from 4.91 percent to 4.76 percent – withdrawn from the market as of August 5
• Cynergy Bank easy-access: reduced from 4.94 to 4.8 percent
• Tandem Instant Access Saver: reduced from 4.9 percent to 4.65 percent
• Kroo easy-access (basic interest tracker): Reduced from 4.35 percent to 4.1 percent
• Chip easy-access: Reduced from 4.84 to 4.58 percent

Union Bank of India 5.4% one-year fix

Union Bank of India reduced its one-year fixed rate bill from 5.4 per cent to 5.25 per cent. This was the market leading one-year bill.

It’s still the best one-year fixed rate account on This is Money’s independent best buy tables, paying 5.25 percent.

GB Bank also lowered its 5.26 percent one-year bill rate to 4.96 last weekend.

> Find the best fixed savings interest rates using our best-buy tables

Other fixed rate reductions:

• Hodge Bank one-year interest rate: reduced from 5.01 to 4.95 percent
• Access Bank one year: reduced from 5.25 percent to 5.01 percent
• Tandem Bank one-year: reduced from 5.12 percent to 5.01 percent
• Smartsave Bank one-year: reduced from 5.06 to 5.02 percent
• Cynergy Bank one-year: reduced from 5.1 percent to 4.9 percent
• United Trust Bank one-year: reduced from 5.26 percent to 4.96 percent
• Shawbrook Bank one-year: reduced from 5.01 to 4.91 percent
• Hampshire Trust Bank one-year: reduced from 5.05 percent to 4.84 percent
• United Trust Bank 18 months: reduced from 5.05 to 5.95 percent
• Cynergy Bank 18 months: Reduced from 4.9 to 4.8 percent
• Access Bank two years: From 4.9 percent to 5.06 percent
• Hodge Bank two years: reduced from 4.94 percent to 4.74 percent
• Union Bank of India two years: Reduced to 4.8 percent to 4.9 percent
• RCI Bank two years: reduced from 5 to 4.7 percent
• Hampshire Trust Bank: reduced from 4.95 to 4.7 percent
• Cynergy Bank two years: reduced from 4.9 percent to 4.7 percent (drawn on August 7)
• Cynergy Bank three years: reduced from 4.75 percent to 4.65 percent
• Access Bank three years: reduced from 4.8 percent to 4.7 percent
• Hodge Bank three years: reduced from 4.75 percent to 4.72 percent (drawn on August 7)
• Hodge Bank five years: reduced from 4.56 to 4.49 percent
• Hampshire Trust Bank five years: reduced from 4.55 percent to 4.32 percent

Skipton Building Society 3.55% Lifetime Isa

Skipton Building Society has reduced the rate on its Lifetime Isa from 3.55 per cent to 3.05 per cent since yesterday.

With Lifetime Isas you can save up to £4,000 each tax year and receive a 25 per cent government bonus.

The best cash Lifetime Isa in These are the best bargains from Money is offered by Moneybox, which pays a rate of 5 percent. The rate includes a fixed bonus of 1 percent for the first year, the underlying rate is 4 percent.