Savings warning: NatWest and Co-Operative among banks cutting interest rates - full list of changes

For nearly a year, the base rate has remained at a 16-year high as part of the central bank's efforts to rein in inflation.

It influences the interest rates provided by banks and building societies on multiple products, including mortgages and savings accounts.

While homeowners are likely to benefit from last week's rate reduction, savers are preparing for competitive deals to be withdrawn from the market.

This has already begun to happen with banks such as NatWest, Chase, the Co-operative and Shawbrook taking action.

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Here is a full list of the banks slashing interest rates on savings accounts:

• Chase Bank - cutting the rate of its easy access account from 4.1 per cent to 3.85 per cent
• NatWest - multiple rate cuts
• Chip - cutting the rate of its variable rate cash ISA from 5.1 per cent to 4.84 per cent
• Co-operative Bank - multiple interest rate cuts
• Cynergy Bank - multiple interest rate cuts
• Shawbrook Bank - cutting the rate of its Easy Access Account from 4.60 per cent to 4.36 per cent
• Skipton Building Society - cutting the rate of its Online Tracker from 5.25 per cent to five per cent
• Isbank (by Raisin) - multiple interest rate cuts
• Metro Bank - cutting the rate of its instant access saver from 1.65 per cent to 1.50 per cent
• Tandem - multiple interest rate cuts
• Zopa - multiple interest rate cuts

Co-Operative Bank

With its Base Rate Tracker reacting to the Bank of England's announcement, the following rate cuts will come into effect from August 8:

• Accounts with balances over £50,000 will see rates drop from 3.75 per cent to 3.50 per cent
• Accounts with balances over £25,000 will see rates drop from 3.25 per cent to three per cent
• Accounts with balances over £10,000 will see rates drop from 2.75 per cent to 2.50 per cent
• Accounts with balances over £1 will see rates drop from 2.25 per cent to two per cent

Furthermore, the Co-Op's Select Access Saver shall see its rate reduced from 4.09 per cent to 3.84 per cent as of October 16.

Cynergy Bank

This bank has slashed the interest rate linked to its easy-access savings account from 4.94 per cent to 4.8 per cent. Other rate cuts are impacting Cynergy's one-year and two-year fixed bonds to 4.9 per cent and 4.7 per cent, respectively.

Isbank (by Raisin)

As of today, the interest rate paid on the this bank's one-year fixed bond will plummet from 5.17 per cent to 4.87 per cent. As well as this, the rate offered on its six-month notice account will fall from 5.17 per cent to 4.86 per cent.

Isbank's nine-month notice account will see its saving rate drop from 5.15 per cent to 3.88 per cent as well.

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Tandem

The rate linked to Tandem's Instant Access Saver has being reduced from from 4.9 per cent to 4.65 per cent.

As well as this, the bank's one-year fixed bond is being cut from 5.12 per cent to 5.01 per cent.

Zopa

This bank is bringing down the interest rates of its Smart Saver and Smart ISA accounts to 4.3 per cent and 4.8 per cent, respectively.