There was more bad news for savers yesterday as the Bank of England announced it would not be increasing the base interest rate from its current record low of 0.5 per cent. The decision by the Monetary Policy Committee means rates have been at the historic low level for a whole year, though analysts will have to wait until March 17th for the minutes to be released. Recent months have seen financial experts predict that interest rates will remain low for as long as nine months yet, as they look to give the economy the best chance of recovery.
Homeowners on tracker mortgages will have welcomed the news, as will those looking for other forms of credit such as personal loans and credit cards . However, savings account holders will be disappointed by the news, given the low returns they are currently receiving. Similarly, ISA holders will have been hoping for an increase.
When interest rates do finally increase, banks and lenders will be under scrutiny having been accused last time of failing to pass on the benefits of the altered interest rates.
Bank of England Hold Interest Rate
Financial Services > e-banking > Banking news
Bank of England Hold Interest Rate
Fri, 05 Mar 2010
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