Savings rates: Savers hit by another 120 cuts However, this year savings providers have taken the axe to their back-books of existing customer accounts in unprecedented fashion, with the number of cuts made soaring compared with previous years. Savings providers are able to make cuts of up to 0.25 percentage points without notifying customers, according to a code of practice laid down by industry body the British Bankers Association. While this should provide some protection, it is not legislation. The regulator, the Financial Conduct Authority (FCA), only issues guidelines that suggest banks notify customers if cuts are "material." Should banks fail to notify customers about cuts, there is no recourse. A spokesman for the FCA told The Telegraph that it is keeping a close eye on the activity of banks as the blizzard of rate reductions continues. Data published by the Bank of England show the average savings rate on easy access accounts has fallen from 1.14pc in January to 0.97pc June. Experts said cuts since then are likely to have pushed this rate even lower. Anna Bowes, director of SavingsChampion, said the announcement by the Bank of England that Bank Rate would remain at its record low 0.5pc until unemployment falls below 7pc could stimulate another "avalanche" of rate reductions. Savings loopholes included in our weekly email - enter your email here