Savers face interest rate cuts, reports uSwitch

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Savers face interest rate cuts, reports uSwitch

Consumers are going to be faced with cuts in the returns offered by savings accounts so they need to act fast on competitive deals, says uSwitch.

Rumina Hassam, savings expert at the organisation, made her comments following the news that the Bank of England's Monetary Policy Committee has decided to keep the base interest rate at 0.5 per cent for another month.

The next decision vote by the committee will be made on November 5th.

Ms Hassam pointed out that despite having a static base interest rate, many lenders are cutting the returns that they are offering on savings accounts.

She said: "Savers need to be agile in applying for the stellar rate products as soon as they appear - in this case good things don't come to those who wait."

One trick to watch out for is when a lender will withdraw a product and replace it with an inferior one, commented Ms Hassam.

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