All the savings rates that have been slashed since base rate cut, including Chip

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Yesterday the Bank of England bit the bullet and cut the base rate from 4.5 per cent to 4.25 per cent. 

Five members of the nine-strong Monetary Policy Committee at the Bank of England -which decides rates – agreed to cut rates to a two-year low of 4.25 per cent.

The majority voted to cut by 0.25 percentage points while two members of the committee voted for a larger 0.5 percentage point drop.

The pace of base rate cuts is only expected to ramp up, with markets pricing in three more rate cuts before the end of the year.  

Rate cuts are bad news for savers, as banks reduce the interest rates paid on their savings accounts.

Savings experts say easy-access accounts and fixed-rate bonds are the accounts most likely to be in the firing line for rate cuts.  

This is Money analysis has found at least 17 savings accounts have already had their rates cut or been pulled from the market, including easy-access and fixed-rate savings accounts and Isas.

Sinking rates: At least 17 savings accounts have had rates cut since the base rate fell to 4.25%

Chip* 4.76% easy-access account

Chip’s best buy easy-access account* paying 4.76 per cent was one of the victims of the Bank of England’s base rate cut.

Chip’s 4.76 per cent deal, which included a 1.2 per cent bonus for 12 months, has now fallen to 3.3 per cent. 

The instant access version* of this account, which has no withdrawal restrictions, has also dropped from 4.6 per cent to 3.24 per cent. 

The next best easy-access account on the market comes from Atom Bank which continues to pay 4.75 per cent. Monument Bank has launched an easy-access account which also pays 4.75 per cent. 

Find the top easy-access rates using our best-buy tables

Other easy-access rate cuts: 

• Secure Trust Bank easy-access: Withdrawn, was paying 4.45 per cent 

Plum* 5.06% easy-access cash Isa

Plum has withdrawn its 5.06 per cent easy-access cash Isa and replaced it with one paying 4.81 per cent. 

Plum’s 5.06 per cent easy-access cash Isa* included a 1.52 per cent bonus for 12 months. 

The new 4.81 per cent rate still includes a 1.52 per cent bonus for 12 months, after which it will revert to the underlying 3.29 per cent. 

Monument Bank withdrew its 4.76 per cent easy-access cash Isa after the Bank of England Base rate cut. 

Wealthify cut the rate on its 4.33 per cent easy-access cash Isa to 4.07 per cent, while Chip cut its easy-access Isa rate down from 4.32 per cent to 4.06 per cent.

There are still strong Isa deals to be found elsewhere. 

CMC Invest* and Moneybox are both offering three-month bonuses on cash Isas. Even though these providers may cut the underlying rates, the bonus rates are fixed for three months.

Moneybox is paying 5.71 per cent making it the market-leading rate for an easy-access Isa. This includes the three month bonus of 1.51 per cent. It allows three free withdrawals before the rate drops. 

CMC Invest* is paying 5.7 per cent including a three-month bonus of 0.85 per cent. It is a flexible Isa and has unlimited withdrawals. 

Find the top cash Isa rates using our best-buy tables 

Other cash Isa rate cuts:

• Saffron Building Society one-year fix: Cut from 4.25 per cent to 4.2 per cent
• Secure Trust Bank five-year fix: Withdrawn, paid 4.2 per cent 

Cynergy Bank 4.55% one-year fix

Cynergy Bank cut its one-year fixed-rate account from 4.55 per cent to 4.5 per cent. This was one of the market leading one-year fixed accounts.

There are still three one-year fixed rate accounts which pay 4.55 per cent – Access Bank, GB Bank and Tandem Bank. 

Gatehouse Bank also withdrew its one-year account paying 4.45 after the Bank of England cut the base rate to 4.25 per cent. 

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

Other fixed-rate cuts: 

• Cynergy Bank 6 month: Cut to 4.45 per cent from 4.5 per cent 
• Cynergy Bank 18 month: Cut to 4.4 per cent from 4.45 per cent 
• Cynergy Bank two year: Cut to 4.4 per cent from 4.45 per cent
• Cynergy Bank five year: Cut to 4.35 per cent from 4.46 per cent