It’s now been more than a year since the Bank of England Base Rate was slashed to a record low of 0.1 percent, in response to the coronavirus pandemic. Despite some speculation about negative interest rates in the UK, it’s been maintained at this level ever since.
“Sign up to savings rate alerts and be sure to keep on top of any emails from your existing provider,” Ms Springall suggested.
“Savings providers can change variable rates at any point, so consumers need to keep tabs on changes and move their money if they find they are on a poor rate.”
Failing to keep on top of the different offers could mean bad news for savers usually, but even more so during a time when interest rates are low, she pointed out.
Ms Springall said: “Apathy is a terrible state for savers to fall into in a low interest rate environment but it’s really important consumers compare rates regularly, especially if their cash is with a big high street bank.
“As an example Virgin Money pays 0.50 percent right now on its M Plus Saver, but HSBC pay just 0.01 percent on its Flexible Saver.”
Another option which…