Savings expert warns this ‘brilliant’ 5.11% cash Isa may not last long as rate cuts loom | Personal Finance | Finance [Video]

Banks and building societies have increased cash Isa rates in recent weeks but now the process has stalled, said Anna Bowes, founder of savings rate tracking service Savings Champion. “That’s disappointing as we get closer to the end of the tax year, but there are still some attractive rates available right now.”

Cash Isa rates could soon start falling instead after consumer price inflation dropped more than expected in February to just 3.4 percent.

Inflation could hit two percent as soon as next month, which would pile even more pressure on the Bank of England to cut base rates.

As soon as we get that first cut, savings rates will fall and probably beforehand as banks and building societies jump the gun.

Savers can put up to £20,000 in a cash Isa and there is no time to lose, Bowes added. “It feels like rates may have hit the peak …