ICICI have confirmed that their best buy HiSave one-year bond, with a chart topping 7.1% rate will be pulled. In response to the Bank of England base rate cut, they will be offering a new deal that will pay 6.6%.
It seems like, for now, the days of 7%+ accounts are over. The Anglo Irish bank have confirmed that their 7.05% fixed rate bond is to be replaced by a 5.55% bond. There has also been some re-pricing on their savings accounts; a drop from 6.55% to 5.4% on their seven day notice account and a drop from 6.4% to 5.25% on their easy access accounts.
Many other ‘rewarding' deals have also been affected or pulled. Saga has reduced its one-year fixed bond from 6.85% to 6.35 %. Its six-month 6.9% bond is expected to be pulled on Monday.
Bradford & Bingley (part of Santander) has withdrawn all its fixed-rate bonds that pay up to 6%.
There are more cuts expected, with Abbey (also Santander) commenting that they will cut the top rate by 1% on their one and two-year fixed bonds. People have until Sunday to take advantage of 6% as from Monday it drops to 5%.
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