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Bank of England holds base rate at 5.25% for the fifth time
MSE_Molly_G
Posts: 127 MSE Staff
The Bank of England has held the base rate at 5.25% for the fifth time in a row. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.
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Comments
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I wonder whether savers rates will continue to spiral down, despite no movement from the BoE.0
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Are they? .0
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Zopa_Trooper said:I wonder whether savers rates will continue to spiral down, despite no movement from the BoE.
the banks I use started lowering their rates immediately after the first freeze
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They've got to be able to lend this money out in a profitable way. There's no free lunch.0
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As the rate went up, so did our savings rates, so as it comes down, you would expect the savers rates to follow. But why should they drop when the BoE rate doesn't move? It didn't last month yet they started to drop, so it will be interesting to see if they drop further this month.0
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Zopa_Trooper said:As the rate went up, so did our savings rates, so as it comes down, you would expect the savers rates to follow. But why should they drop when the BoE rate doesn't move? It didn't last month yet they started to drop, so it will be interesting to see if they drop further this month.2
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