Barclays to cut interest rates on savings accounts starting February 13

Barclays will reduce interest rates on two popular savings accounts starting February 13. The Everyday Saver rate will drop from 1.51% to 1.26% for balances up to £10,000, while the Rainy Day Saver will decrease from 5.12% to 4.87% for balances up to £5,000. For customers with £5,000 in the Everyday Saver, this change means earning about £12.50 less in interest annually. However, the rate for balances over £10,000 in the Everyday Saver will increase to 1.26%. The Rainy Day Saver's rate for balances over £5,000 will remain unchanged. Customers may want to explore other banks offering higher interest rates, as some online banks provide rates up to 4.86% on easy-access accounts. Barclays' changes highlight a trend where traditional banks are often less competitive than newer online options.