Savings update: more pain for savers with interest rate cut on the horizon

Savers were seemingly given a stay of execution last week when the Bank of England left base rate unchanged at 0.5% rather than cutting it to 0.25% as widely expected. But the drop could easily come next month which could lead to even lower savings rates.

Savers were seemingly given a stay of execution last week when the Bank of England left base rate unchanged at 0.5% rather than cutting it to 0.25% as widely expected. But the drop could easily come next month which could lead to even lower savings rates.

Currently, the top easy-access rate is 1.45% before tax (1.16% after) from French-owned RCI Bank's Freedom account.

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Source Moneywise http://ift.tt/2aqvdXO