Unexpected interest rate reduction

Phil27356 · 28 February 2018 at 1:25PM

NOW MOVED TO SAVINGS & INVESTMENTS

Just received this from the Coventry Building Society:

This email is to let you know that we!!!8217;re reducing the variable interest rate on this [30 day notice] account with effect from 16 March 2018.
We realise that this isn!!!8217;t good news for savers. However, as mortgage rates have continued to remain low, we!!!8217;ve regretfully had to make the difficult decision to reduce the interest rates on some of our savings accounts.
What this means
As at the date of this email, the balance of this account was earning a variable rate of 1.49% gross p.a.** and from 16 March 2018 the new variable interest rate will be 1.34% gross p.a.

Granted that as an relatively easy access account the rate doesn't appear too bad but I thought the current trend was for interest rates to go up! in fact this account saw an interest rate rise in Nov 17.
Anybody out there with this account thinking of moving elsewhere, or already getting anything better (with full protection)?

Thanks