As savings rates offered by banks tend to follow it, when the base rate drops, so do savings rates - so it is no surprise.
The high street bank is set to slash the interest rate on two of its savings accounts this Thursday.
He added: "Meanwhile, any money you have in an Everyday Saver will essentially be losing value as the interest rate is lower than the rate of inflation."
A handful of providers are offering easy access savings accounts with rates of more than 4%, meaning you can earn money, and make withdrawals when you like.
Right now, cash ISAs pay more than easy-access accounts, and the best cash ISA rate is 5.16% from Trading 212.
