Paul Lewis
PAUL LEWIS/ MONEY NEWS
The good news is that some banks are raising their savings rates, but think carefully about topping up a cash ISA account before the end of the financial year
by PAUL LEWIS
Anyone with a mortgage will dread the next meeting of the Bank of England Monetary Policy Committee, which will decide whether to raise interest rates again. At every one of the nine meetings from December 2021 to the end of 2022 the answer was yes - put 'em up. As they rose from 0.1% to 3.5% the cost of mortgages and borrowing rose, too. But for those with savings the news has been good - savings rates have followed the bank rate up.
Of course, savings rates are still not where they were before the 2008 banking crisis, when you could get between 6% and 7%, which was still less than the 9% or 10% you could get as the Seventies became the Eighties.