The BoE cut base rates from 5.25% to 5% on August 1 and markets expect up to two more cuts this year. That’s dire news for savers but there is an alternative.

As interest rates fall the returns on both variable rate easy access savings accounts and fixed-rate savings bonds will inevitably follow suit.

The process has already begun. One year ago, United Trust Bank’s five-year fixed rate savings bond paid 5.80% a year. Today, the same product pays just 4.25%.

That’s a huge drop and there’s more…