They advised me that, from April, the rate will decrease to 0.50% (due to the bonus ending).
This is a ridiculous state of affairs.
The controversial £80bn Funding For Lending (FLS) scheme has been widely blamed for the cuts. The FLS offers banks and building societies access to cheap money to fund mortgage lending. Since its launch in the autumn, the rates paid on savings accounts have tumbled, as banks no longer need to compete to get deposits from ordinary savers to fund their lending.
Who else can be culpable, other than the Government and the Bank of England?
Ros Altmann, the director-general of Saga, said government policy was punishing the nation's savers. "It has been obvious for some time that policymakers don't care about the suffering of savers," she said.
Sylvia Waycot of Moneyfacts.co.uk said: "Savers are being persecuted without borrowers getting the rewards."
When are they going to stop punishing savers, by their ghastly policy of artificially low interest rates?
Will the new Governor of the Bank of England, Mr Carney, change course?
Of course I shall review my personal circumstances in April. I notice that the current best interest rates for savers are languishing at about 2.35%.