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2mo ago

Bank of England Holds Base Rate as Savers Snap Up 7.5% Deals

Industry figures are urging consumers to lock in top savings yields before this week’s MPC meeting following a debunked warning that customers of major banks should close their accounts

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Overview

  • The Bank of England maintained its base rate at 4.25% on August 5 ahead of a Monetary Policy Committee meeting that analysts expect may cut rates later this week.
  • Moneyfactscompare data shows regular savings accounts from Principality Building Society now yield up to 7.50% AER.
  • Digital challengers Plum and Moneybox have raised easy-access cash ISA rates to 4.86% and 4.80%, intensifying competition for savers.
  • JN Bank leads best-buy tables for two-, three- and four-year fixed-rate bonds as customers seek certainty on returns.
  • A widely shared Birmingham Live alert urging customers of Lloyds, Barclays, NatWest and Santander to close accounts within 48 hours has been refuted by industry figures.