Skipton Building Society slashes savings interest rates in blow to customers - full list of accounts

In a statement, Skipton Building Society outlined why is making these changes to savings accounts.

It stated: "We're reducing your savings interest rate. The Bank of England has recently reduced their base rate, and we've made the difficult decision to reduce the rates on some of our savings accounts.

"Part of our aim is to offer long-term good value while continuing to manage costs for both savings and mortgage members.

"Most of our accounts don't directly track the Bank of England base rate but we need to make sure our interest rates are sustainable over the long term."

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Here is a full list of the savings accounts from Skipton that are being awarded an interest rate cut:

• Bonus Cash ISA Saver - interest rate is being cut from five per cent to 4.55 per cent
• Bonus Saver - interest rate is being cut from 5.04 per cent to 4.79 per cent
• Esaver - interest rate is being cut from 3.70 per cent to 3.45 per cent
• Online Cash Lifetime ISA - interest rate is being cut from 3.25 per cent to 3.05 per cent.

These rate reductions are being implemented from September 2, 2024.

Further information on Skipton Building Society's range of savings accounts can be found by visiting its website.

Experts have reminded the British public why they should lock in high-interest savings accounts while they still have the opportunity.

Other high street banks and building societies have already begun cutting rates across mortgage and personal loan products.

As such, analysts are pricing in further cuts to savings rates in the months ahead.

Ele Clark, Which?'s senior money editor, issued a warning following the Bank of England's base rate decision.

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She explained: "A base rate cut is less positive news for savers.

"Firms may respond to today's decision by lowering their rates, which means savers get a lower return on their cash.

"When it comes to savings, loyalty is seldom rewarded. Which? research has consistently found that challenger banks and building societies offer better rates than high street banks, so if you're unhappy with the returns you're getting, now's the time to consider switching."

The Bank of England's Monetary Policy Committee (MPC) will next make a base rate announcement on September 17, 2024.