MPC Holds Base Rate At 0.75%

Anna Bowes, Co-Founder of Savings Champion says "At Savings Champion, we think this was the right decision, although savers are already suffering and have been for years. To have cut interest rates today would have seen providers add to the already shocking number of rate cuts that have happened over the last year and a half, even though the base rate has remained at 0.75%.

Since August 2018 (when the base rate was increased to 0.75%), there have been over 1,000 cuts to existing variable savings accounts.

Unfortunately, today's reprieve is unlikely to keep savers immune from further cuts to their savings accounts.

Savers need to take matters into their own hands and find the very best rates available to earn as much interest as they can on their hard-earned savings. Leaving money to languish in a high street bank is the worst thing you can do, as they pay some of the worst rates available.

For example, HSBC and Lloyds are paying just 0.10% on their easy access accounts, whereas Marcus is paying 1.35% AER. On a balance of £50,000, that is the difference of earning either £50 gross per year or £675 – but with the same access. So you can make your cash work much harder, simply by actively managing it!"