Prompt: BANK SWITCHING PERKS https://www.thesun.co.
MARTIN Lewis' MoneySavingExpert has issued a final warning to savers as one of the top paying savings rates is set to be axed in days.The online-only bank will stop offering this rate from 11.59pm on Wednesday, July 17, the MoneySaving Expert team said.
But if the central Bank cut the base rate from its current 5.25% to 5%, Chase's standard rate would fall from 4.1% to 3.85% – and your boosted saver would then pay 4.85%.is currently offering a 5.2% rate with its linked saver, but the bank will carry out an extensive credit check.Many challenger banks and building societies are working hard to entice savers.
This is important for banking customers because high-street banks and lenders use the BoE base rate to set their own interest rates on- and in some isolated cases make small cuts. These accounts do tend to come with lower returns but are a good option if you want the freedom to move your money without being charged a penalty fee.Many savings accounts offer miserly rates meaning that money is generating little or no return.Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
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