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Barclays reduces its savings accounts rates

While the rest of the savings accounts market seems to be booming with increasing rates and new best buy savings accounts being launched almost daily, this week Barclays Bank became the first provider to announce a reduction in rates on its savings accounts range.

By bucking the current trend and reducing rates on its savings accounts range, Barclays has become far from competitive. The instant access and no notice savings accounts fall well short of the top rate of 6.50% available elsewhere. With the e-Savings account only paying up to 4.87%, it will struggle to compete with the 6.40% available from other savings accounts competitors. Even the ISA falls well short of the market leading 6.21% transfer in product

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It's disappointing to see that such a larger provider is reducing its savings accounts rates even further. Savers should take stock of their savings accounts and check they are receiving the best savings accounts rates. With already uncompetitive savings accounts falling, while the top end of the market booms, it really does make a difference whether you are with the best or worst savings accounts provider.

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