Overview

• The Bank of England recently reduced its base rate from 4.5% to 4.25%, prompting UK banks to adjust savings rates downward.
• NatWest will lower rates on four savings accounts beginning May 30, with additional reductions across other accounts starting July 15.
• HSBC will implement rate cuts across eight savings products from June 3, with further reductions planned for July 21.
• Nationwide will reduce savings rates by up to 0.25% on multiple accounts starting June 1, citing the BoE's policy shift.
• Customers are encouraged to review their savings options, with banks offering guidance and at least 14 days’ notice of rate changes.