As widely predicted and at long last, for the first time in a decade, the Bank of England has today raised the base rate from 0.25% to 0.50%. Savers who have suffered years of rock bottom interest rates will be cheered by today’s news, but while we wait to see how providers respond, as always, our advice is to remain active to achieve the best rates now.
If you are planning on moving your ISA savings to make the most of the extra interest available on the top-paying ISA accounts, there are a few things you need to be aware of. The Q&As below cover some of the main questions we are being asked by our clients.
Some of the very best rates on the market can be found amongst Sharia accounts and while there are key differences to be aware of, to dismiss them out of hand could mean that savers miss out on precious returns.
Savers have suffered years of rock bottom interest rates, and millions will be cheered by news of a likely rise but as always our advice is to be active and not wait for a rate rise