Santander, Barclays, NatWest, and RBS are making major changes to their account rates
Personal finance website Finder is advising people with savings accounts to reassess their banking arrangements, as four major high street banks are set to reduce their rates within the forthcoming fortnight. The experts at Finder have been diligently monitoring these changes in savings rates to provide timely updates on which institutions are slashing rates and when.
The Bank of England’s recent decision to decrease the base rate from 4 per cent to 3.75 per cent in December will affect numerous savers nationwide. These individuals are being cautioned to remain vigilant for any alterations to their existing savings account rates.
As of Wednesday, January 14, Santander will be reducing the rates on its ‘Good for Life ISA’ and ‘Rate for Life’ accounts by 0.25 per cent. A range of accounts at NatWest and RBS are also due to see a rate cut on January 19 by up to 0.25 per cent.
Barclays customers also have cause for concern, according to Finder. The bank plans to lower the rate on its ‘Reward Saver’, previously 2.10 per cent, and ‘Blue Rewards Saver’, formerly 2.75 per cent, to 1.85 per cent and 2.51 per cent respectively on January 28, 2026.
A comprehensive breakdown of the impending reductions in savings rates is provided below. The next review of the base rate is slated for February 5, 2026, reports the Daily Record.
Santander
- Good for Life ISA, January 14
- From 4.00% to 3.75%
Santander
- Rate for Life, January 14
- From 4.25% to 4.00%
NatWest
- Digital Regular Saver (up to £5,000), January 19
- From 5.50% to 5.25%
NatWest
- Flexible Saver (£1 – £24,999), January 19
- From 1.06% to 1.00%
NatWest
- Savings Builder (up to £10,000), January 19
- From 1.50% to 1.25%
NatWest
- Help to Buy ISA, January 19
- From 1.85% to 1.60%
RBS
- Digital Regular Saver (over £5,000), January 19
- From 5.50% to 5.25%
RBS
- Flexible Saver (£1 – £24,999), January 19
- From 1.06% to 1.00%
RBS
- Savings Builder (over £10,000), January 19
- From 1.50% to 1.25%
Barclays
- Reward Saver, January 26
- From 2.10% to 1.85%
Barclays
- Blue Rewards Saver, January 26
- From 2.75% to 2.51%
Kate Steere, personal finance expert at Finder, explained: “The gap between the best and worst savings rates on the market is striking. If you were earning the new NatWest or RBS rate of 1.00 per cent AER with the amount we found the average Brit has saved (£16,067), you’d get just £160 in interest over the course of the year.”
She continued: “Compare this to a top-of-market rate like Chase’s 4.5 per cent, which would generate around £720 in interest on the same amount over the same period, and the real impact of where you put your money becomes clear.”
Ms Steere added: “Analysts aren’t predicting further changes to the base rate in the near future, so now is the time to give your savings a new year reset and find yourself a rewarding rate. 2026/2027 is also the last tax-year before the Cash ISA limit is cut to £12k, so if you can afford to lock your cash away, now is a great time to seek out a good deal on a fixed-rate ISA. Currently, Investec is offering 4.12% AER for a 1-year fix.”
