Savings

The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.

The base rate has been cut to 4.25% from 4.5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.

NS&I has refreshed its range of fixed-term 'British Savings Bonds' by bringing back its one-year and five-year options and boosting rates. Its new deals are strong across the board, especially if you're looking to save with a well-known name – though you can earn a bit more from the top-paying accounts elsewhere.

The Bank of England has held the base rate at 4.5%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.