A major bank with 2.5million customers is making a huge change to 36 bank accounts within days – and you’ll be worse off. The Co-operative Bank is cutting interest rates on 36 savings accounts, delivering a fresh blow to savers.

The decision means lower mortgage payments for homeowners but often leads to smaller returns for savers. The Co-op has announced that interest rates on dozens of accounts will be reduced starting on August 14 and October 22.

On August 14, the Base Rate Tracker accounts will see reductions, with interest rates dropping from 4% to 3.75% and from 3.75% to 3.5%. From October 22, various other accounts will experience cuts, including the Future Fund, which will see its rate fall from 1.53% to 1.46%, and the Online Saver, dropping from 2.12% to 2.06%.

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