![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/savers-should-act-fast-as-banks-start-to-water-down-interest-on-top-deals/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/2_Bills-pilling-up-and-no-money-to-pay-them.jpg&description=Anyone considering taking out a fixed-rate savings deal is being urged to act quickly, as the rates paid on the top accounts are already being trimmed back and could fall furtherSavings firms are being less generous than even last monthSavers are being urged to act fast as some of the best deals are already being watered down. The rates on the best savings deals have been going up rapidly as the Bank of England has been putting up its base rate, now 3%. These base rate rises are meant to take the sting out of rising inflation - currently 11.1%. The base rate is also factored in to the interest paid by savings deals. But now the interest paid on savings deals is starting to dip again, according to experts at Moneyfacts. Moneyfacts finance expert Rachel Springall said: "Savers will find providers have reviewed their table-topping cash interest rates in recent weeks, with notable attention made to fixed rate bonds and ISAs. How to beat the broadband rip-off as millions face HUGE price hikes in 2023 Fixed-rate savings deals are in the spotlight ( Getty Images/Image Source) "Since the last inflation announcement, some of the top fixed rate bonds have seen reductions but further adjustments could be set to come. "Savers may need to act with pace if they wish to take advantage of the current rates on offer." Fixed-rate bonds normally pay the best interest rates, but these are seeing the biggest falls in interest rates. These bonds are financial deals where you lock your money away for a certain time, then get it all back with interest. A month ago, the top one-year bond, from JN Bank, paid 4.75%. Today, the top deal is 4.5%, from Ikano Bank. Likewise, the best two-year bond in October paid 5%, and the best today - from RCI Bank UK - pays 4.85%. Why are bond rates falling? Because base rate predictions are dropping - though lots of things are factored in to the interest paid on savings deals. At the start of November, financial firms thought base rate would hit 6% next year){kind=link}
Anyone considering taking out a fixed-rate savings deal is being urged to act quickly, as the rates paid on the top accounts are already being trimmed back and could fall further
Savers are being urged to act fast as some of the best deals are already being watered down.
The rates on the best savings deals have been going up rapidly as the Bank of England has been putting up its base rate, now 3%.
These base rate rises are meant to take the sting out of rising inflation – currently 11.1%.
The base rate is also factored in to the interest paid by savings deals.