Upcoming Sept Bank of England Interest Rate Review

Zaul22

Petrol prices are going up really fast. That will make inflation massively kick off again, that's what started it all in the first place.  Even if there turns out to be pause in the base rate this month, it will definitely go up after that. 

2010

CPI figures will be released on 20th Sept. the day before the BoE rate meeting. 
"Experts" think there may be a slight rise from the last figures.
They also think that there are another two 25 bp rises before the end of the year, taking the bank rate to 5.75%.

How it all affects saving and mortgage rates is anyone`s guess.
If you`re in EA, you can move it.
If you`re in fixed you can`t.

Just to add, providers over the past months have been second guessing the rises and upping their rates before the BoE meetings.
So you could see more increases over the next couple of weeks.

boingy

I can't call this one. I think the BoE will be reluctant to make another rise this month unless the inflation figures are worse than expected. But I think there is probably another rise to two in the pipeline. 

allegro120

Binman61 said:

Hello,
Looking for some good 1yr fixed rate savings account and ISA accounts. On 21st Sept 2023 the Bank of England will be reviewing interest rates again. Is it worth waiting until after that meeting to get the better rates? How long would it be for the expected 0.25 rate rise to work through to savings products?
Trying to balance out lost interest at a good interest today versus a possible better rate in hopefully a few short weeks. The money is currently in a 4.3% instant access account.

What recommendations or insights do you offer.

Thanks.

NS&I 6.2% offer is probably worth grabbing whilst it is still there.  You have 30 days to cancel and receive interest for the days your funds were in the account. I don't know if it is worth waiting because banks' moves are less predictable than BoE, but I wouldn't keep my money in 4.3% instant access account whilst IA is available at 5.2%.