The money saving expert has urged savers to open a top fixed rate account today.
The Bank of England had largely been expected to hike interest rates up a 15th timeThis is the first time since November 2021 that borrowing costs have been kept steady, though the current rate remains the highest since early 2008.
The decision by the Bank’s Monetary Policy Committee came a day after data showed inflation unexpectedly cooled slightly in August. Interest is what people pay for borrowing money as well as what banks pay people for saving money with them. The Bank of England’s base interest rate shapes how much interest banks can charge people or pay on their savings.
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