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The Bank of England has pressed the pause button on the interest rate hike cycle.
But this week’s surprise inflation fall, to 6.7 per cent from 6.8 per cent, was enough to convince the majority of the Bank’s Monetary Policy Committee to hold the base rate at 5.25 per cent.
Savers will now be watching rates more closely than ever to see if today’s rate pause will drive down the best savings rates on the market.
Rates have hit highs not seen for more than a decade recently. At the start of this month, NS&I announced a massive rate hike on its one year fixed bond to 6.2 per cent.
But experts have warned that savers shouldn’t expect 6 per cent-plus fixed rate savings accounts like this one to stick around for long.
On Monday this week, James Blower of website Savings Guru said: ‘We think there is another week or so left on this account.’
Savers looking to fix while these rates are on a high may wish to do so now.
Source of data and images: dailymail