Interest rate rises paused – what’s next for savings rates?

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Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing, however, it may no longer reflect our views on this topic.

For the first time in years, the base interest rate is staying the same. Here’s what it means for you, and how to get more from your savings.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

21 September 2023

The Bank of England (BoE) has pressed pause on rate rises, meaning they’ll be staying at 5.25% for now.

Rising prices, soaring rates, and a washout summer beset by strikes meant the economy started to shrink. And with unemployment on the rise, and employment and vacancies dropping, it couldn’t risk squeezing too much life out of the economy.

However, this might not be the last of it.

We’re still contending with sticky inflation and red-hot wage rises, so we can’t rule out more rises further down the track. There are also unlikely to be any cuts on the cards in the immediate future.

This article isn’t personal advice. If you’re not sure if something is right for you, seek advice.

Assuming we’re coming to the end of the rate rise cycle, this