Base rate up but don’t expect your savings provider to pass on the benefit – now is the time to switch to a better deal

Yesterday, the Bank of England Monetary Policy Committee increased bank base rate from 0.10% to 0.25%, the first increase since 2nd August 2018.

Many savers are now probably expecting to see their savings rate increase in line with this move, but please don’t hold your breath, especially if your account is with one of the big high street providers.

Your savings rate is likely to be languishing at 0.01% with little chance of an increase from such an insultingly low level, so now’s the time to take action and move your savings balance to something much more rewarding.

Take a look at the following easy access deals and bag yourself a far better return:

  • Investec Bank – Online Flexi Saver 0.71% – more here
  • Cynergy Bank – Online Easy Access – 0.70% – more here
  • Shawbrook Bank – Easy Access – 0.67% – more here

All the above providers are protected by the Financial Services Compensation scheme.

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