Savers! (And investors with uninvested cash!) Are you watching these interest rate changes?

We’ve been keeping an eye on the cash account interest rates falling this past week, following the Bank of England’s decision to cut interest rates to 4% last week.

There will undoubtedly still be more to come as providers eye up what the competition has done. So keep an eye out.

The following are some of the changes we’ve clocked this week:

CMC Invest Cash ISA 5.44% -> 4.59%
Tembo Cash ISA 4.64% -> 4.10%
Tembo Cash LISA 4.33% -> 4.10%
Trading 212 Cash ISA 4.10% -> 3.85%
Moneybox Cash ISA 3.95% -> 3.70%
Wealthify Cash ISA 4.07% -> 3.82%
Lightyear Cash ISA 4.25% -> 4.00%
Chip Cash ISA 4.33% -> 4.07%
Plum Cash ISA 4.66% -> 4.41%
Moneyfarm Cash ISA. 4.07% -> 3.97%
IG Stocks and Shares ISA
(uninvested cash) 4.25% -> 4.00%

While most providers followed the Bank of England’s 25 basis points drop and implemented a 0.25% reduction, a few took the opportunity to slash their rates beyond that. CMC’s headline-grabbing Cash ISA rate dropped by almost a whole percentage point, for example, although it’s still top of our leaderboard for the time being.

The message is – if you are keeping cash in an account, whether that’s an ordinary savings account, Cash ISA, or you’ve got a pot of it in your investment account waiting for an opportunity to strike, then find out what you’re being paid, and compare it to other providers. If your cash isn’t working as hard for you as it could be, move it. Savers generally lose out the most when interest rates drop, but there could still be a price war as platforms try to woo you into switching.