🔔 💬 Anna's two pence worth (#26): Bank of England base rate remains static while inflation rises

Anna Bowes is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market. Anna has worked in the financial services industry for more than 20 years and for most of that time has been helping people to make the most of their savings.

As expected, with Brexit supposedly around the corner and with inflation remaining close to its 2% target, the Monetary Policy Committee (MPC) left the base rate on hold at 0.75% at their meeting this week – a unanimous vote from all nine members.

Although the base rate has remained the same for yet another month, the good news for savers is that competition continues to flourish in the best buy tables. So, you do not have to wait for the base rate to increase in order to improve the return on your cash.

For example, Kent Reliance has launched a new market-leading easy access account without bonus or restricted access. It pays 1.50% - ten times more than the rate paid on the HSBC Flexible Saver!

🔖 Read: The Family Building Society leaves the easy access party, as Kent Reliance arrives

And, even though inflation was slightly higher in February at 1.90% - up from 1.80% in January, which means that even the best easy access accounts can’t keep up - there are still plenty of savings accounts available that do match or beat the Consumer Prices Index (CPI).

🔖 Read: Inflation rises but remains below the Bank of England’s target to see which accounts can beat inflation.

Dynamic Cash Management express (DCMe) has welcomed a new provider onto its Cash Savings Platform this week – Teachers Building Society is currently offering couple of notice accounts via the review-based service.

🔖 Read: DCMe adds new provider to its Cash Savings Platform to see how competitive these new rates are.

For more information about other new competitive accounts that have been launched this week, remember to have a look at our regular Rates Rundown.

🔖 Read: A smattering of interesting improvements rather than wholesale changes for more information.

That’s it for this week.

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