Barclays customers will be hit by savings cuts in a matter of weeks (Image: Getty Images)
Barclays banking customers are set to see a drop in their savings rates in just a few weeks. The banking giant will reduce the rates on two of its savings accounts from February 13.
Firstly, the Everyday Saver’s will fall from 1.51% to 1.26% for all balances up to £10,000, while accounts with more than £10,000 will see rates rise from 1.16% to 1.26%. Secondly, the Rainy Day Saver will experience a rate cut from 5.12% to 4.87% on all balances up to £5,000.
However, any balances above £5,000 will have rates frozen at 1.16% for now. The Rainy Day Saver is an exclusive savings account for customers who opt into Barclays Blue Reward scheme or are Premier Banking customers.
It is crucial to note that the affected accounts are all easy-access savers, allowing customers to withdraw as much as they want from their savings without risking a penalty. This comes amid a growing trend of banks reducing rates on their savings.
For instance, Nationwide has confirmed it will lower savings rates on a broad range of its savings products on February 1.
Nationwide Building Society is set to introduce rate cuts between 0.1% and 0.26% on nearly 90 variable rate, instant access savings, and cash ISA offerings. Tom Riley, Nationwide’s Director of Retail Products, stated: “We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver,” He further added: “Following these changes, our savings range will remain competitive. We returned a record £950 million in member financial benefit in the first half of this year and we’ll continue to give savers every reason to put their money with Nationwide.”
See a full list of the accounts being affected below…
Limited Access
- Limited Access Saver/ Limited Access Online Saver – 0.20%
- Triple Access Saver/ Triple Access ISSA – 0.20%
- e-Savings Plus – 0.20%
- 1 Year Triple Access online ISA (all issues0 – 0.10%
- 1 Year Triple Access Online Saver (all issues) – 0.10%
- Loyalty Single Access ISA – 0.10%
I nstant Access
- Loyalty Saver / Loyalty ISA – 0.10%
- Flexclusive ISA/ Flexclusive Saver * – 0.15% – 0.25%
- Instant access savings accounts (eg Instant Access Saver, Instant iSA Saver, CashBuilder)* – 0.15% – 0.25%
- Flex Instant Saver – 0.25%
- Instant Access Saver 10 – 0.15%
Children’s
- Smart limited access – 0.25%
- Future Saver (with main current account) – 0.25%
- Child Trust fund/ Smart Junior ISA – 0.25%
- Smart Saver – 0.25%
- Smart – 0.25%
Regular Savings
- Continue to Save – 0.20%
- Help to BUY ISA – 0.25%
Other options available to savers
If you’re not satisfied with the rates your bank account will soon see, you always have the option to shop around for something more suited for you.
- Chip – 4.7% interest with unlimited withdrawals and no minimum balance
- Atom Bank – 4.85% interest as long as you don’t withdraw that month (otherwise drops to 3.25%)
- Leeds BS – 4.4% with a minimum balance of £1,000
- Skipton BS – 4.4% with a minimum balance of £1
Further details of some of the top savers available right now can be found on