As predicted, interest rates have been cut – but you can stop it harming your savings.
The Bank of England has announced that its base rate of interest is falling from five per cent to 4.75 per cent in an attempt to stave off inflation that is likely to have been caused by the Budget.
Lowering the rate is intended to encourage consumer spending, with the hope that if people buy more goods, businesses won’t put their prices up in response to the Budget announcement that employers must pay higher National Insurance contributions.
But you’re not worried about that, are you?
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If you’ve got savings, you’re probably more worried about what this will do to your bank account.
It just happens that Money Saving Expert Martin Lewis has anticipated this, and has already provided advice.
He says the rate cut is a reminder for people with savings to “check your interest. Millions are on pants rates, and can easily & simply move the money to where it pays more. And if you’re on a fix, diarise to act before it ends.”
He says: “Easy-access savings are the bog-standard, simplest form of savings, where you can put money in and take it out when you want. So the top payers here are the basic start point.
“Yet easy-access rates are variable, so they can and do move, often with Bank of England base rates, but also for banks’ own competitive reasons.”
His advice is available on the Money Saving Expert website here, and I strongly urge you to visit it.
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Interest rates have been cut – but you can stop it harming your savings
As predicted, interest rates have been cut – but you can stop it harming your savings.
The Bank of England has announced that its base rate of interest is falling from five per cent to 4.75 per cent in an attempt to stave off inflation that is likely to have been caused by the Budget.
Lowering the rate is intended to encourage consumer spending, with the hope that if people buy more goods, businesses won’t put their prices up in response to the Budget announcement that employers must pay higher National Insurance contributions.
But you’re not worried about that, are you?
Buy Cruel Britannia in print here. Buy the Cruel Britannia ebook here. Or just click on the image!
If you’ve got savings, you’re probably more worried about what this will do to your bank account.
It just happens that Money Saving Expert Martin Lewis has anticipated this, and has already provided advice.
He says the rate cut is a reminder for people with savings to “check your interest. Millions are on pants rates, and can easily & simply move the money to where it pays more. And if you’re on a fix, diarise to act before it ends.”
He says: “Easy-access savings are the bog-standard, simplest form of savings, where you can put money in and take it out when you want. So the top payers here are the basic start point.
“Yet easy-access rates are variable, so they can and do move, often with Bank of England base rates, but also for banks’ own competitive reasons.”
His advice is available on the Money Saving Expert website here, and I strongly urge you to visit it.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Be among the first to know what’s going on! Here are the ways to manage it:
1) Register with us by clicking on ‘Subscribe’ (bottom right of the home page). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
5) Join the uPopulus group at https://upopulus.com/groups/vox-political/
6) Join the MeWe page at https://mewe.com/p-front/voxpolitical
7) Feel free to comment!
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
Cruel Britannia is available
in either print or eBook format here:
The Livingstone Presumption is available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
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