Savers are being urged to act quickly to secure interest rates as returns continue to decline month by month.

According to new research by Moneyfactscompare, savings interest rates are trending downward following the second Bank of England base rate cut this year.

Average one-year fixed bond rates have dropped to 4.24%, the lowest since June 2023, while longer-term fixed bonds now average 3.89%, their lowest point since March 2023.

However, some savings accounts are still paying rates of up to…