Savers warned over next steps as 'window may be closing' after Bank of England decision

manchestereveningnews.co.uk:

The Bank of England dropped the base rate this week for the first time in months, and it’s expected to cascade onto consumers soon enough.

For homeowners and buyers this will mean better affordability but more competition. However, the forecast is a lot more sombre for those with savings accounts.

Paul Noble, CEO of Chetwood Bank, warned: “Savers should take this as a reminder that the window for securing the best rates in the savings market may be closing.” Tony Redondo, founder at Cosmos Currency Exchange, also admitted this cut paired with the slew of tax changes and cost increases due in April could “pose challenges for savers”.

Savers do not have the opportunity to be relaxed at this moment. Growing inflation paired with what experts believe is just the first of many interest rate cuts this year could quickly start eating into their funds.