Customers with major banks such as Barclays, Lloyds Bank and NatWest are being encouraged to search for better saving opportunities.

Following the Bank of England's decision to decrease the base interest rate from 4.75% to 4.5% last week, a reduction in savings rates by various providers is anticipated.

Amy Knight, personal finance specialist at NerdWallet UK, has called on people to shop around. She commented: "It's easy to get stuck in a rut with savings, and many people miss out on higher rates by not actively engaging with their finances. In many cases, loyalty doesn't pay.

"For long-standing savers who may find switching banks or moving funds a significant hurdle - especially older customers who might not be as familiar with internet banking - the effort to compare savings accounts can be truly rewarding," she added.

Knight noted several financial institutions that offer "competitive rates", with some regular savings accounts boasting rates as high as 7%, reports the Express. For instance, First Direct proposes a 7% fixed rate for a year through its Regular Saver account, accepting monthly deposits from £25 to £300, provided you hold a First Direct 1st Account.

Similarly, Lloyds Bank avails a regular saver account with a steadfast 6.25% rate, where customers can save between £25 to £400 each month. Moreover, Ms Knight underscored that present offerings from easy access accounts could "help your cash grow faster than inflation".