Customers with NatWest and Royal Bank of Scotland may want to check their accounts ahead of interest rates change.

Comparison site Finder is urging savers to shop around as eight accounts from the two banks will be dropping their rate from July 15, reports the Daily Record.

This includes four instant access saving accounts, with the rate to drop from 1.25 percent to 1.15 percent. Kate Steere, personal finance expert at Finder, said: “If you were earning the new NatWest or RBS rate of 1.15 per cent with the amount we found the average Brit has saved (£16,067), you’d get just £185 in interest over the course of a year.

“There are much more competitive rates available.” For those looking for a higher rate, she gave the example of the Plum cash ISA, which has a rate of 4.98 percent, including a 1.69 percent bonus for a year.

You would earn just over £800 with the same amount saved in this account over the course of a year, if the rate stays the same.

Savers may also want to check around now to see if they can get a better rate as the Bank of England could soon drop the base interest rate again, with its next decision on the rate to come on August 7.

The base rate is currently 4.25 percent having dropped from 4.5 percent in May. The central bank held the rate at the current level in its decision on June 30.

Ms Steere said: “Lots of analysts are predicting a further cut to the base rate in August. With the next meeting less than a month away, it’s essential to act fast if you want to get the most from your savings.

“Variable rates are subject to change so if you are still looking to use your 2025/26 ISA allowance – and you can afford to lock your cash away – now is also a great time to seek out a good deal on a fixed-rate ISA.”

A key advantage of ISAs is they are tax-free, with no tax to pay on any interest earnings or investment growth within an ISA wrapper.

Savers with HSBC and Co-op Bank should also brace for rate drops this month. HSBC is to drop the rate on its Flexible Saver and on its Online Bonus Saver, which will fall from 1.35 percent to 1.3 percent from July 21.

There will also be rates reductions on four Co-op Bank accounts. This includes the Online Saver and Online Cash ISA, with a drop from 2.34 percent to 2.12 percent, while the Cash ISA and Smart Saver rate will fall from 1.62 percent to 1.53 percent.

Recent analysis of CACI data by savings app Spring found there was £186billion earning 1.5 percent or below in adult instant access non-ISA savings accounts in April, an increase of 17 percent from March. If these balances were earning a 4.30% rate, these savers could be getting a combined extra £5.7 billion in payments.

Derek Sprawling, managing director of Spring, said: “Too many savers are leaving their money with their current account provider’s linked savings accounts as they reduce their rates, dragging more savers’ deposits below the 1.50 percent rate level and well below the rate of inflation, eroding the value of their money.

“Simply sticking with a savings account offered by their current account provider often means an array of restrictions, such as tiered rates or withdrawal limits, on top of poor rates.

“There are other options for savers, it is possible to get a rewarding rate of return without sacrificing access to their money or wading through a host of restrictive terms and conditions.”