UK households with £1,000 in bank accounts warned 'act before Thursday'

A savings expert has warned UK bank account holders need to act before August 1 to get high interest rates on savings

Ahead of the base rate announcement on Thursday, Lucinda O'Brien, a savings accounts expert at money.co.uk, has issued a warning to UK bank account holders. She advises that they need to act before August 1 to secure high interest rates on their savings.

She said for savers, it's now a tense wait ahead of the next Bank of England meeting on Thursday. Predictions are evenly split that the monetary policy committee will vote to lower the base rate from 5.25% to 5%. She said: "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 5.7% and this could be the sticking point that sways the committee to hold off reducing the base rate.

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