The nights are drawing in and the temperature is dropping, signalling the dawn of winter, although over past weeks, it seems that it's not just the barometer that has been dropping.
A surge of rate reductions have swept through the savings market, with over one hundred savings accounts having their rates slashed by over forty providers.
Reduced choice in the savings market couldn't have come at a worse time for savers who have struggled to achieve decent returns on their hard-earned savings.
Inflation is on the rise yet again, with the Consumer Prices Index increasing from 2.2% to 2.7%, squeezing household incomes even tighter.
A basic rate taxpayer will need to find an account paying a rate of 3.37% to beat the effects of inflation. Quite a tall order when just forty accounts, three of which are non-ISAs, offer rates at 3.37% or above.
Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: "After a brief spell of falling inflation, savers now have to face up to the reality of it rising yet again.
"Savings rates are continuing to fall, so investors face a real struggle to generate any sort of real return.
"Best buy savings deals are being pulled left, right and centre so it is imperative for savers to act fast to take up the best rates, before the market evens out."
Here are just a few of the online savings accounts to have incurred rate cuts over the past month:
ING Direct Direct Savings Account
6.11.12. Rate reduced by 0.50% to 1.98%.
Nationwide Building Society MySave Online Plus
16.11.12. Rate dropped to 2.18% (2.20% AER).
Derbyshire Building Society NetSaver
Tesco Bank Internet Saver
18.10.12. Rate slashed by 0.20% to 2.40%.
Melton Mowbray Building Society Online Easy Save
13.11.12. Rate reduced by 0.20% to 2.20%.
13.11.12. Rate dropped by 0.20% to 2.30%.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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