Respite for Savers at Last as Bank Raises Rates

The era of record low interest rates is finally over, spelling good news for savers. But don't expect the rate rise to be passed on immediately

David Brenchley 2 August, 2018 | 12:13AM

savings savers Bank of England interest rates base rate

The UK’s long-suffering army of cash savers has been given a much-needed reprieve as the Bank of England raised interest rates by 25 basis points for the second time in nine months. The base rate now stands at a nine-and-a-half-year high of 0.75%.

This is good news for savers, who are likely to see account rates tick up once more. But experts have cautioned against celebrating too soon, noting that banks and building societies will not move straight away.

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David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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