How low will they go? More pain for savers as top rates on easy-access accounts shrivel to just 1%

  • Best buy easy-access rates now paying just 1%
  • RCI Bank has cut its freedom saver three times this year
  • Those saving £250 a month from scratch would get just £13 interest over the year

Lee Boyce for

Savings providers are continuing to hack away at easy-access rates with RCI Bank slashing its best buy deal for the third time this year.

At the start of 2016, its freedom saver offered 1.65 per cent. This fell to 1.45 per cent at the start of the summer followed by another cut of 0.25 percentage points in August, in the aftermath of the base rate cut.

Now, it has shaved the rate further to pay just one per cent. Remarkably, thanks to other rates falling, it is still one of the top deals in the independent This is Money savings tables.

Savings drain: Rates are continuing to fall - and soon savers may struggle to get a 1% easy-access rate

Savings drain:…

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