Four savings accounts guaranteed to beat the interest rate cut right now

Savers are set to lose out on following the Bank of England decision to cut interest rates on Thursday.

But Martin Lewis' Money Saving Expert website has plucked out four key savings accounts - two easy access, two fixed - which guarantee to beat the Bank of England base rate right now. Yesterday, the central bank announced a 0.25 percentage point cut to interest rates, reducing them from 4.25% to 4%.

It's good news for mortgage holders, as the cost of debt reduces as interest rates fall, but bad news for savers, as the rate at which savings grow reduces by the same amount. The good news is that there are several accounts currently on the market and open to new customers which are guaranteed to pay more than the 4% base rate, meaning that your money is growing more quickly.

MSE has picked several accounts which will outstrip the base rate right now and over the next 12 months, guaranteed.

The first is Shawbrook's 4.31% Cash ISA. This is fixed for 12 months, which means it is guaranteed to stay at that rate for the next year. That means if interest rates fall again, such as in November or next year, this account will keep giving you 4.31% interest, even if rates drop as low as 3.75% or 3.5%.

Of course, it is possible that Bank of England rates will rise again, but current predictions are that they will keep going down, and could be as low as 3.5% by next summer. This is the risk/reward of fixing - if predictions are right, you will beat the base rate movements during that fix. If they are wrong, you may miss out on better deals while you're fixed, but it certainly will beat the base rate right now and looks set to continue to do so for

Shawbrook says: "Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit - this will be monthly or annually depending on the product you choose. If you take out a 1 Year Fixed Rate Cash ISA and opt for interest to be paid annually, your interest will be credited at closure of the account. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day."

Next is Paragon Bank. This offers a 15-month fixed Cash ISA at 4.28%. Again, this means that for the fixed period - here, 15 months - you are guaranteed to lock in higher than the Bank of England's base rate, even if it drops further, though again if it suddenly rises several times you could miss out on better deals.

Paragon says: "A tax-free savings solution that gives you options whether you want monthly or annual interest. Apply online or by post and save from £500 to £500,000."

Outside of Cash ISAs, West Brom Building Society offers an easy-access saver which currently pays 4.55%. This is variable though, so it can be reduced with future base rate cuts, but it already starts off well above the base rate and you can apply now. The Four Access Saver (Issue 3) gives you access to your savings when you need it - it's a bit like a flexible fix. If you don't touch the money, you get 4.55% variable, but if you need to make a withdrawal, the rate drops to 1.9%.

It says: "You'll get a variable rate of interest of 4.55% gross p.a./AER. Your interest rate will go down to 1.90% gross p.a./AER if you take money out more than four times per year. At the start of the next account year, the account will go back to the higher variable interest rate available at that time."

If you're not currently a Chase Bank customer, there is a way to beat the base rate using its new customer bonus. Right now, you can get 2.75% variable (set to reduce to 2.5%), plus a 2.25% bonus for new customers for 12 months. This means you'd be getting 4.75%, and even if future base rate cuts happen, the new customer bonus will very likely keep you above the base rate. As an added bonus, if the base rate suddenly increases, you get an increased rate too, as this is variable.

Chase says: "You'll get a variable rate of interest of 4.55% gross p.a./AER. Your interest rate will go down to 1.90% gross p.a./AER if you take money out more than four times per year. At the start of the next account year, the account will go back to the higher variable interest rate available at that time."