Savers hit by rate cuts up to double Bank of England’s 0.25% reduction

Savers hit by rate cuts up to double Bank of England’s 0.25% reduction

Savers are facing steep reductions on their returns as several banks cut rates by more than double the Bank of England’s base-rate drop.Last week, the Bank reduced its rate by 0.25 percentage points, to 4 per cent.However, some banks and building societies have cut their rates for savers by double that amount or more in just a matter of days. Experts are urging people to shop around for the best deal.Among the steepest reductions, Atom Bank slas…