Derbyshire is top cut

The Derbyshire building society is so far the only institution to have cut the rates on its savings accounts by more than 0.5 per cent, following the 0.25 per cent base rate cut announced by the Monetary Policy Committee 10 days ago.

The building society has reduced the rate on its 180-day notice account by 0.6 per cent, bringing the rate to between 3.25 per cent and 4.20 per cent gross, depending on the amount invested. It also reduced the rates on all its other savings accounts, including its Young Saver and Isa, by between 0.2 and 0.5 per cent.

Abbey last week cut the rates on all its savings accounts and its Isa by between 0.25 and 0.5 per cent. Other institutions to have cut the rates on all or some of their accounts last week in line with the base rate include Capital One, Egg, Julian Hodge, M&S (on its Isa), Standard Life; and the Co-op and West Bromwich building society on their tracker accounts. Meanwhile the Chelsea building society closed its market leading Triple Guarantee account to new business.

'Lots of providers had already cut rates in anticipation of the base rate cut which is very unusual, but we don't expect to see movements from most of the lenders for another fortnight,' says Susan Hannums, savings expert at Chase de Vere.

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