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Is it time to fix your savings?
We reveal which accounts have changed since the base rate cut
Just 7% of instant-access savings accounts have had their interest rate cut since the Bank of England (BoE) reduced the base rate on 8 May, a Which? analysis has found.
That’s far fewer than the number of cuts we recorded after the base rate reduction in November 2024 — the last time we carried out this analysis.
There were some notable cuts made by smaller providers. Chip, for example, reduced its previously market-leading instant-access rate from 4.76% AER to just 3.3%.
With rates on more savings accounts likely to tumble in the days and weeks to come, here, we reveal which accounts have been hit hardest, and what you can do to protect your money.
What's happening to instant-access deals?
A base rate cut matters to savers because banks often respond by reducing the interest paid on savings accounts. Variable-rate products, such as instant-access accounts, are usually hit first.
We used Moneyfacts data to analyse rates on all instant-access accounts on 30 April and 13 May, just over a week before and five days after the BoE's announcement to cut the rate from 4.5% to 4.25%.
We found 7% of all instant-access accounts had dropped their rates. While this isn't a huge proportion, most of the cuts came from smaller banks and building societies. In some cases, the reductions were significant, with interest rates falling by more than one percentage point.
Chip made the deepest cuts. The app-only provider reduced the rates on its Easy Access Saver — which limits customers to three withdrawals a year before they lose interest, by 1.43 percentage points, from 4.76% AER to 3.3%. Its unlimited withdrawal version also dropped sharply, falling by 1.36 percentage points from 4.6% AER to 3.24%.
Rates on OakNorth Bank's Easy Access Savings Account also nosedived by 1.25 percentage points, from 3.25% AER to 2%.
Other digital banks made smaller cuts. Atom Bank lowered its unlimited withdrawal rate by 0.35 percentage points, while Zopa and Tandem each reduced their instant-access rates by 0.25 percentage points.
Barclays Bank was the only high-street brand to cut instant-access rates, reducing returns on both its Everyday Saver and Rainy Day Saver accounts by 0.1 and 0.26 percentage points, respectively.
- Find out more: best savings rates 2025
Cause for optimism or time to switch?
The proportion of instant-access savings deals cut following May's base rate cut is much lower than when we analysed the market after the base rate cut in November 2024. Back then, we found 19% of accounts had dropped their rates, compared to 7% now.
Moneyfacts data shows the average instant-access rate rose slightly between April and May 2025, from 2.76% AER to 2.78%. Our latest analysis also found that rates for a handful of accounts have improved since the base rate cut on 8 May. Interest has risen on instant-access accounts from Hampshire Trust Bank, Leeds Building Society and West Brom Building Society.
Any optimism should come with a generous dose of caution, however. It's likely that more providers will make rate cuts in the coming days and weeks. Savers would therefore be wise to consider their next move now.
Your first option is to switch to another instant-access account paying a higher rate. Alternatively, opening a fixed-term account will lock in a guaranteed rate for the full term of the bond, regardless of what happens elsewhere in the market.
Our table sets out the top rates for fixed-term bonds and restriction-free instant-access accounts.
| Instant access | Cahoot | 5% | 61% | £1 | Internet | Monthly, yearly |
| One-year fixed rate | Conister Bank | 4.52% | n/a | £5,000 | Internet | Yearly |
| Two-year fixed rate | GB Bank | 4.43% | n/a | £1,000 | Internet | Monthly, yearly |
| Three-year fixed rate | Secure Trust Bank | 4.42% | n/a | £1,000 | Internet | Yearly |
| Four-year fixed rate | JN Bank | 4.4% | n/a | £100 | Internet | Yearly |
| Five-year fixed rate | Secure Trust Bank | 4.42% | n/a | £1,000 | Internet | Yearly |
Table notes: rates sourced from Moneyfacts on 14 May 2025. Provider customer score is based on savers' overall satisfaction with the brand and how likely they are to recommend it to others. n/a means sample size was too small for us to generate a provider score.
- Find out more: the different types of savings accounts
Will savings rates drop further?
Savings rates had been at record highs as a result of the BoE raising the base rate 14 times in a row between December 2021 and August 2023.
When the base rate was reduced for the first time last year in August, average savings rates began to drop too. A similar pattern can be seen following changes announced in November 2024 and February 2025.
We are likely to see these figures go down further as more providers make reductions in response to the changing market.
However, rates are still significantly higher than two years ago, when the average instant-access deal offered just 2.06% AER. In May 2021, the figure was even lower, at just 0.16% AER.
It's important to remember that the base rate isn't the only influence on savings rates. Demand for a product or competition from other providers can also push rates up and down.
3 ways to maximise your savings when rates are falling
Shopping around for the best rate should be a no-brainer for savvy savers looking to grow their nest egg. But how else can you make sure your savings pot is working as hard as possible?
1. Lock up your savings for longer
This might sound counterintuitive when rates on fixed-term savings accounts lasting one year or less are higher, but the best rate available now may not be around when a one-year bond matures.
If you don't need to access your funds anytime soon, putting your money in an account lasting two to five years could leave you better off in the long run than if you fix for up to 12 months and have to settle for a much lower rate when it's time to reinvest the money.
2. Make the most of your tax-free Isa allowance
There is a limit to how much interest you can earn on normal savings accounts before you face a tax bill (up to £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers; additional-rate taxpayers have no personal savings allowance). Isas let you deposit £20,000 a year tax-free.
- Find out more: tax free allowances and incomes
3. Sign up to a savings platform
Platforms from providers such as Raisin and Hargreaves Lansdown help you source market-leading savings accounts. Once you're registered, you'll only have one set of login information to remember.
Most platforms contact you when any bonds are due to mature, to reduce the risk of your savings languishing in a low-paying account. Just be aware that savings platforms typically don't cover the whole savings market, meaning you could miss a top rate offered by a provider the platform doesn't include.
- Find out more: savings platforms explained
