Those saving money are being warned that many savings providers have been cutting interest rates over the last month.
Independent financial website Moneyfacts has seen a recent trend of interest rate cuts continue early in the new year and is warning those saving money to ensure they are getting "a decent return on their hard-earned savings".
The 0.25 per cent interest rate cut announced by ING last month received heavy criticism, according to the head of savings at the website, Rachel Thrussell.
However, she warns that other "big players" in the savings market are also reducing their interest rates.
"Just because we haven't seen a cut in base rate for five months, savers shouldn't automatically assume that the interest rate on their savings account will remain untouched," Ms Thrussell warns.
She points out that apart from ING, savings providers NatWest, Royal Bank of Scotland, Woolwich, West Bromwich Building Society and Scarborough Building Society have all cut interest rates on savings products.
Moneyfacts says it is "sure these won't be the last" and that more savings providers will be cutting interest rates.
Ms Thrussell says those saving money should keep a close eye on best buy tables to ensure they receive an interest rate that is competitive.
Interest rate warning for those saving money
Interest rate warning for those saving money
Mon, 09 Jan 2006
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