26 February 2026, LONDON –

Savers are being warned to stay vigilant as 10 banks and building societies are preparing to drop interest rates in March – with 9 of them doing so in the next fortnight.

Analysts at personal finance site Finder have been tracking savings rate changes following recent base rate announcements. Although the Bank of England held the base rate in February, savers are still feeling the consequences of the rate cut from 4% to 3.75% in December.

This Sunday 1 March, TSB will drop rates on 8 accounts – including the Cash ISA Saver and Easy Saver – though the new rates are yet to be announced. On the 3 March, Spring (part of Paragon Bank) will drop the rate on its Easy Saver to 3.82% AER from 4.11% AER.

On 6 March, NatWest and RBS will change the rates on 8 accounts in total, with 4 accounts dropping to just 1% AER. Then, on 8 March, The Co-operative Bank will lower rates on 6 of its accounts, including the Cash ISA and Smart Saver, which will both move from 1.46% to 1.4% AER.

Coventry Building Society has announced rate changes on two accounts on 9 March – the Moneymanager, which is dropping to 1.25% from 1.5%, and the Monthly Saver, which is dropping to 3% from 3.15%.

Barclays is the next bank to join the rate dropping frenzy, with its competitive Rainy Day Saver falling from 4.21% to 3.96%. 2 other accounts – the Everyday Saver and Instant Cash ISA – will move from 1.06% to 1%.

On 12 March, HSBC will lower the rate on 4 of its accounts, including the Online Bonus Saver which drops from 3.5% AER to 3.35% AER. On the same day, first direct (part of the HSBC Group) will change rates on 2 accounts – the Savings Account from 1.15% to 1.05% and the Bonus Savings Account from 3.5% to 3.35%.

At the end of the month, Virgin Money will be dropping the rate on its M Saver, M Plus Saver and Club M Saver accounts from 2% AER to 1.75% (balances up to £25,000).

Kate Steere, personal finance expert at the comparison site Finder, said:

“These rate drops emphasise a serious gap between the highest and lowest rates on the market – with some falling as low as 1%. Take the current leading rate of 4.55% – and that’s a difference of £682 in interest on the average savings of £19,214 after just one year.

“Unfortunately, there’ll be little for savers to smile about this spring, as I think we’ll see the base rate cut to 3.5% in March, thanks to a lower than expected inflation rate in January. If I’m correct, banks will see this as a free pass to slash even more rates, leaving savers with fewer competitive options.

“The most important thing is to make sure you’re earning more than the rate of inflation – otherwise your savings are essentially losing value. There are still deals above 4% on the market. For example, Tembo’s HomeSaver is currently offering a boosted 4.55% on balances up to £25,000 as long as you keep the account open for 12 months, while Chase still has a rate of 4.5% on its boosted Saver. If it’s a Cash ISA you’re looking for – there are competitive options with eToro (4.61% AER), Plum (4.42% AER) and Moneybox (4.39% AER).”