A major British bank is set to reduce its savings account rates to below 4% next week. Starting from July 8, Metro Bank will decrease the rate on its variable Current Limited Edition Savings account to 3.95%.

Although this savings account is no longer open to new customers, it remains active for those who registered before it was withdrawn from the market.

The rate cut will affect customers who opened a Current Limited Edition Instant Access Account or an Instant Cash ISA between November 10,…