By SYLVIA MORRIS

Updated: 16:59 BST, 1 July 2025

Leaving your cash in one of the most popular easy-access accounts was a bad idea – but it’s about to get a lot worse.

The big banks are cutting rates on their already-pitiful easy-access accounts – to 1 pc in some cases.

Savers with one of these need to move their cash before they get even less interest. With one phone call or an online form you could be earning around four times as much.

To spell out how bad they are: Barclays Everyday Saver pays 1.16 pc but the rate is dropping to 1.11 pc on August 4; Halifax Everyday Saver and Lloyds Easy Saver pay 1.05 pc on up to £25,000; HSBC Flexible Saver pays 1.35 pc but 1.3 pc from July 21; NatWest Flexible Saver pays 1.15 pc on up to £25,000; Santander Easy Access Saver has 1.2 pc and TSB Easy Saver 1 pc – or 1.1 pc if you’ve had it less than a year. 

The rates on tax-free cash Isa accounts are about the same, bar HSBC’s slightly better one – but even that only pays up to 2.5 pc on its Loyalty Cash Isa.

Barclays Everyday Saver pays 1.16 pc but the rate is dropping to 1.11 pc on August 4, writes Sylvia Morris

Barclays Everyday Saver pays 1.16 pc but the rate is dropping to 1.11 pc on August 4, writes Sylvia Morris

If you’re looking for another account with few strings attached, look at Easy Access 82 from Kent Reliance (4.46 pc). Others are Close Brothers Easy Access Issue 6 (with a high minimum of £10,000), Secure Trust (4.45 pc) or Ford Money Flexible Saver (4.35 pc).

On cash Isas, app-based Tembo pays 4.64 pc or Vida Savings Issue 1 pays 4.55 pc. Others are Kent Reliance Easy Access Isa Issue 58 (4.46 pc), Charter Savings Bank Easy Access Easy Isa 60 (4.26 pc), Ford Money Flexible Isa (4.35 pc) and Family BS Market Tracker (4.37 but falling to 4.3 pc on July 1).

There are higher-paying accounts – but read the small print. The top easy-access rate is 4.75 pc at Atom Instant Saver Reward – but that drops to 2.5 pc in any month you make a withdrawal.

On cash Isas, app-based CMC Invest gets you 5.44 pc but this includes a three-month bonus, after which it is 4.59 pc. CMC deposits your money with an actual bank protected under the Financial Services Compensation Scheme (FSCS) up to £85,000. But it can put some into very low-risk short-term bonds.

It’s still protected but under the Financial Conduct Authority‘s Client Assets Sourcebook scheme in the unlikely event of CMC running into trouble. You will get your money back but it could take longer than with the FSCS. And there is a slim chance that if the bond provider becomes insolvent you might not have any cover.

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Do you have a savers account with one of these Big 5 banks? This is why you must move your money NOW: SYLVIA MORRIS

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