Interest Rates Look Likely To See Another Increase This Week - Savers Should Think About Switching

31st January 2023

The decision by the Bank of England will be on 2 February 2023.

The decision may be influenced by the American Federal Reserve announcement on Wednesday 1 February widely predicted o be .25 percent. A quarter of one percent would be the lowest increase in recent times.

The Bank of England may follow suit in view of their predictions that things are improving. Having said that the International Monetary Fund has shown a 0.6 percent reduction in UK growth.

Any boost in the benchmark rate means borrowers will pay even more interest on mortgages, credit cards, student loans and other types of debt.

On the flip side, savers could benefit from higher yields. To obtain better savings rates many savers may need to switch their bank accounts as many banks are still paying half a percent where as rates of 5% or even 7% can be found that carry all the safeguards.

To switch accounts see https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/