Martin Lewis urges savers to ‘lock in’ deals before negative rate decision – best options | Personal Finance | Finance


Before detailing the best options for savers who may be affected by these changes, Martin clarified exactly what’s happened at the Bank of England: “This week the Bank of England wrote to the high streets bank to say, if in the unlikely event that we were to cut UK interest rates so they were negative, are you technically prepared for that to happen?

“Now, even if that were to happen that doesn’t mean savings rates are also going negative”.

Martin went on to explain that as a rule, savings rates tend to be much higher than the Bank of England base rate but he acknowledged it remains a possibility that savings rates may be reduced by income negative rates.

However, in answering Sue’s question on what savers can do if negative rates come into play, he responded with: “Very little”.

READ MORE: Martin Lewis breaks down Universal Credit rules 

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