Everyone who has a decent chunk of change in their savings account has been issued a warning – as several banks have begun cutting interest rates, costing you money.

The news that the Bank of England is changing its base rate from 5.25 to 5 percent has led some banks to immediately drop the amount of interest they pay out to savers.

The Bank of England announced it was cutting interest rates due to inflation being brought under control. Inflation, down from peaks of about 11 percent, now sits…