Martin Lewis explains why savers should lock in fixed rates ‘now’ ahead of Base Rate rise | Personal Finance | Finance [Video]

Post author By Curator
Post date January 25, 2023

Martin Lewis issues warning on broadband inflation

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With the Bank of England Base Rate forecast to increase again on February 2, many may be questioning whether a fixed rate savings account is a good option to garner the best returns right now. Financial Journalist Martin Lewis addressed the query on The Money Show this evening.

Fixed rate savings accounts can add another layer of certainty to savings, as savers are able to lock in the rate offered at the time of opening the account.

This means the bank or building society cannot change the interest rate during the term of the bond, which works well for account holders hoping to save long-term.

However, while savings rates are typically influenced …

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Martin Lewis explains why savers should lock in fixed rates 'now' ahead of Base Rate rise | Personal Finance | Finance [Video]

Post author By Curator
Post date January 25, 2023

The Bank of England Base Rate review is fast-approaching, spurring questions from the audience on tonight's Martin Lewis Money Show about the best savings accounts to opt for.