We don't like Portman's rate cut

Portman Channel Islands will cut three of its variable rate savings accounts on Monday. The former star of the best buy selection will slash its offshore 60 account by a quarter of a point.

This is the second reduction since the Bank of England cut the base rate in July. The first chop was in August when the rate fell from 4.15% to 3.85%.

From Monday, this rate will drop again to 3.6%. Investors will be disappointed to hear the instant access account rate, on all tiers, will drop by 0.1%, leaving savers with £100,000 on a rate of 3.1%.

The offshore 15 will fall by 0.5%, leaving the highest paying rate 3.4% on £50,000.

It leaves us wondering: unless you're an ex-pat, why save offshore when the rates onshore are often better?