Bank of England cuts base rate to 3.75%
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The Bank of England has voted to cut the ‘base rate’, which is used to set interest rates at major banks and building societies, by 0.25 percentage points to 3.75%.
That means mortgage rates might fall slightly off the back of this – but savings rates may fall too.
For anyone thinking of taking out a mortgage or remortgaging in the near future, keep an eye on rates and make sure to lock in the best deal. If you have a deal locked in, ask your broker or lender whether you can move onto a lower rate.
For savers, make sure you’re still in the most competitive savings accounts. Banks are often quick to lower savings rates when the base rate falls. Don’t let them get away with it – switch to providers offering more competitive rates.
Challenger banks and online-only banks often offer more competitive rates than traditional high street lenders, so make sure to check those too.
Check out our top picks for cash ISA providers here.
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