Just as savings rates were being driven up, the brakes are on

With the economy stabilising last year’s rising interest rates are likely to inch downwards. Photograph: Isabel Infantes/AFP/Getty Images

It has been a long time since savers have been able to earn the rates they can now from banks and building societies. But will it last? In the space of a year, rates have gone from the doldrums to fairly decent – albeit still far behind inflation – as providers battle for business.

But with the economy stabilising, many banks and building societies are rowing back on headline-grabbing offers – meaning consumers will have to act quickly to take advantage.