The savings accounts expert at money.co.uk has warned that savers should act 'now' ahead of the Bank of England announcement on Thursday, which will occur on August 1
UK savers are being urged to act before August 1 to secure high interest rates on their savings, according to a money.co.uk expert. Lucinda O'Brien, the site's savings accounts specialist, has shared her insights ahead of Thursday's base rate announcement.
"These increases and subsequent stability indicated good news for savers, as providers have offered rates above 5% - which is significantly higher than the current inflation rate of 2%. On the other hand, the base rate has pushed up mortgage rates and caused anguish for homeowners. Therefore, a base rate reduction will be more than welcome from this perspective.
She added: "But the tide appears to be turning, as forecasters are now saying there could be a case for a base rate drop as soon as Thursday. Recent figures show inflation held steady at 2% in June, which was the Bank of England’s target. If inflation stays low then this is a good case to start cutting the base rate, but there are other elements to consider. For example, services inflation continues to be high at 5.
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