Barclays customers with one of the bank’s popular savings accounts are being warned their interest rates will drop, effective from this Thursday, February 13.
Those with less than £10,000 in an Everyday Saver will see their interest rates drop from 1.51% to 1.26%. Meanwhile, the Rainy Day Saver, exclusive to Barclays Blue Rewards members and Premier Banking customers, will have rates fall from 5.12% to 4.87% for those with less than £5,000 saved.
This means that someone with £5,000 saved in either account will earn approximately £12.50 less per year.
However, there is positive news for those with over £10,000 saved in Everyday Saver accounts. Their interest rates will increase from 1.16% to 1.26%.
These changes coincide with a base rate cut last week to UK interest rates. The Bank of England now expects inflation to peak at 3.7% later this summer, which is higher than previous forecasts.
The next announcement on interest rates is expected on March 20.
Barclays has recently been in the news after it experienced a series of payment outage issues. Between January 31 and February 3, widespread technical problems resulted in customers being unable to access their wages or make payments.
It comes after a group of MPs asked the bosses of nine banks to reveal the scale of recent IT failures and compensation payouts following the Barclays outage.
The Treasury Committee wrote to banks including Barclays, HSBC, Lloyds and Nationwide on Monday. It asked them to outline the total amount of time that services have been unavailable due to IT failures in the past two years, and the number of customers affected.
In addition, it asked the bosses to share the amount of compensation that has been paid to customers as a result of any outages. The letters referred to the Barclays outage. That glitch saw up to three days of disruption for customers, and is believed to have been caused by a technical issue.
The incident coincided with payday for many workers and the deadline for self-assessment tax returns.