Barclays cut interest rates again
(28 January 2008)

Savers will take a hit with Barclays reducing their savings rates for the third time in three months, according to a source.

The Savings Builder and Day to Day savings accounts will see a 0.24 per cent decrease from February 1st, meaning a 0.74 per cent cut since December, according to Moneyfacts.co.uk.

Rachel Thrussell, head of savings at Moneyfacts, said: "This is disappointing news, particularly so soon after the previous cuts. A total cut of 0.74 per cent will make a significant dent to your interest return, especially when the rates are far from market leading.

Ms Thrussell noted that many banks had cut their rates following the December cut by the Bank of England, but said that Barclays stood out "with a cut almost three times that of base".

She went on to advise that those wishing to save may find better rates off the high street, by banking online, via phone or the post.

Moneyfacts claims to be the UK's biggest selling professional financial monthly with three magazines and moneyfacts.co.uk is the leading UK independent finance comparison site