Savers were yesterday urged to act quickly to secure rates as banks remove competitive offers from the market.

Advisers say the 7 per cent-plus savings rates available to cash depositors over the summer are unlikely to be seen again soon.

Citibank and Egg both withdrew savings deals of up to 6.55 per cent yesterday, and gave no indication of when they would relaunch new rates.

Nationwide, Anglo Irish and Saga have also repriced savings offers at lower rates following last week's 1.5 per cent interest rate cut by the Bank of England.

Savers are still able to get an instant access savings rate of 6.28 per cent from the AA. Those willing to tie up their money for a set period of time can get even better rates of 6.6 per cent from ICICI. However, advisers say these are unlikely to last for long.

"The majority of mortgage tracker rates were pulled last Friday and now we're seeing the knock-on effect of the interest rate cut on savings rates," said uswitch.com, the financial comparison site.

Banks have also moved to cut interest rates for money held in current accounts by up to 0.99 per cent in what analysts called a "revenue boosting" move.

Lloyds TSB has cut rates across its Premier Plus, Platinum Plus, Gold Plus and Classic Plus accounts by up to 0.48 per cent. Halifax, Nationwide, Intelligent Finance, Coventry Building Society and Norwich & Peterborough Building Society have also reduced interest available in current accounts.

The changes appeared to be a reaction to the previous interest rate cut in early October rather than the most recent base rate reduction, said uswitch.com. Further cuts to current account interest rates are expected in the next month.

Current accounts typically provide low rates of interest for credit held. Many of the UK's largest banks offer rates of 0.1 per cent, and Louise Bond, personal finance manager at uswitch.com, said increasing consolidation in the banking sector could result in a reduction in the number of competitive products available.

Meanwhile, Abbey yesterday relaunched its range of tracker mortgages, following a mass withdrawal of these rates last week.

Its new range of two-year trackers, which automatically move up and down with the base rate, start from 4.89 per cent for borrowers with deposits of at least 40 per cent equity and 4.99 per cent for those with 25 per cent. These rates carry fees of £499 and £995 respectively.

The deals are only available for loans up to £250,000.