The clock is ticking to secure the best savings rates before they vanish completely after a surprise interest rate cut on Thursday.
The Bank of England has decreased the base rate for the first time in more than four years, to 5 per cent from 5.25 per cent, firing the starting gun for savings rate cuts.
“Banks and building societies have a history of passing on interest rate cuts as fast as possible on savings,” said Myron Jobson from the investment platform Interactive Investor. “Time is running out to secure the best savings deal, as there will be likely be a flurry of savings rate reductions. People really have to act fast now.”
The base rate was cut on Thursday after a knife-edge vote by