The Bank of England is expected to increase the base rate ⬇️ Here's what that would mean for your money, from pensions to mortgages
“What we can expect if there is another base rate rise on Thursday, is for more variable rate account hikes. This should drive competition in the best buy tables, pushing rates higher still. So if you haven’t reviewed your savings accounts recently, now is a good time to do so as you could well increase the interest you are earning.”
“As a result, fixed term rates could well remain flat. That said, there has been a flurry of positive rate rises over the last few weeks – so there may be gems out there if you act fast. But if you are constantly waiting for better rates to come along, you are missing out on more interest in the meantime, and might miss the latest peak.”A higher base rate is bad news for borrowers as more of their money is taken up by interest payments on loans, mortgages, credit cards and overdrafts.
If someone holds a significant amount of cash in their pension, interest rate increases will help produce higher levels of growth, but at the moment it will not be anywhere near inflation.
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