Savers warned by the Money Saving Expert founder Martin Lewis
Martin Lewis has issued a warning to savers that they might see a dip in their interest rates “in days”. The leading money-saving expert discussed the ramifications of the Bank of England's recent decision to cut interest rates, on his widely listened-to podcast, The Martin Lewis Podcast available on BBC Sounds, Spotify and Apple Music.
The founder of Money Saving Expert highlighted potential timing for the reductions, saying that they could start "anywhere from the next few days to the next month". Lewis cautioned: "If you've got savings accounts, easy access accounts, variable accounts, expect them to drop by around a quarter of a percentage point over the next few weeks.
"And if you've got fixed rate savings, well they're fixed. But the rate at which you can fix mirrors what's going on with mortgages. It's all on long term predictions of interest rates." He added: "Reasonable notice, but it is a reasonable clause so doing it the next day is probably too swift but if you've got an online account and you're notified with a week, it's probably arguable that that's reasonable.
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