Major bank slashes savings rates from today - full list of deals on offer

Some savers will have been dealt a significant blow today as one bank cuts its savings rates below 4%.

From today (July 8), Metro Bank is slashing the rate on its variable Current Limited Edition Savings account to 3.95%. While new customers have been unable to sign up for the savings account, it still existed for individuals who signed up for the deal before it was taken off the market.

Customers will have been able to enjoy 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.

Customers included in the change will have previously had one of the following rates:

• 5.22% AER

• 4.97% AER

• 4.51% AER

• 4.01% AER

Those affected by today's change should have already been notified by Metro Bank, including the date when it would come into effect. Customers should also have been made aware of the removal of the 'end date' on all Current Limited Accounts at which point the interest rate is changed.

While this generally happens after a year, customers will now be told if it has been decided if the rate ends or if they're current deal is changed.

Want to switch to a better rate?

Metro bank's previous rates were extremely generous, however, it was not the only bank on the market offering rates above 4%. Other rates on the market that may be attractive to some customers include:

Chase - 5.1%

Chase is offering both new and some existing customers a savings rate of 5.1% AER per month. In order to get the account, customers must open a Chase current account first or be an existing customer who had less than £50,000 saved on May 2 of this year.

Cynergy Bank - 4.94%

Cynergy Bank's Online Easy Access Account offers 4.94% AER for just a £1 minimum deposit. Interest on this account is paid at the higher rate for the first 12 months before it reverts to 3.75%.

Oxbury - 5.02%

Oxbury's is offering customers a savings rate of 5.02% AER per month- through its Easy Access Account Limited Edition. However, the account will need a minimum deposit of £20,000 and a maximum deposit of £500,000.

Santander - 7%

Santander is offering its Edge Saver with a hefty 7% interest rate per month with only a minimum deposit of £1. However, customers must already have a Santander Edge current account to be eligible, which has a £3 monthly fee.

In order to keep the account, customers must also deposit at least £500 a month and have two or more active direct debits. Furthermore, the 7% rate is included in a 2.5% bonus which only exists on the account for the first 12 months.

Ulster Bank - 5.2%

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