People with money in accounts with a return rate of 4 per cent are being urged to get a better deal.
The Bank of England is set to announce the new base rate on Thursday, August 1 and financial expert Lucinda O’Brien is urging everyone with money tucked away in a savings account to check it now to make sure they’re getting the best return for their cash before any changes are made.
Lucinda added: “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.” Recent figures show inflation held steady at 2.0 per cent in June, which was the Bank of England’s target. If inflation stays low then Lucinda says this is a good case to start cutting the base rate, but there are other elements to consider.
First of all, take the time to audit your savings and establish what interest you are currently earning. If the interest rate is below 4 per cent, then you can definitely get a better deal by the end of today.These questions will help you to decide what type of savings account you need. This is important as certain accounts will come with restrictions, and these need to be considered alongside the interest rate.
Currently, Union Bank of India is offering a one-year fixed-rate account at 5.40% and this can be opened with £1,000. Raisin UK also has a range of competitive interest rates from providers, including GB Bank’s one-year fixed-rate account at 5.26% and Ziraat Bank’s one-year fixed-rate at 5.25%. Both these accounts can be opened online and with a minimum deposit of £1,000.
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