Coventry Building Society announces increases to savings interest rates | Personal Finance | Finance
Savings interest rates are on the rise thanks to Coventry Building Society thanks to recent moves by the Bank of England.
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Savings interest rates are on the rise thanks to Coventry Building Society thanks to recent moves by the Bank of England.
The Bank of England’s Monetary Policy Committee (MPC) voted to make its 14th consecutive base rate increase today. The latest 0.25 percentage point rise means interest rates now stand at 5.25%, a new 15-year high. The hike follows a month in which UK inflation saw a larger than expected drop to 7.9%.
As inflation remains above seven percent, experts have predicted the base rate could increase 0.25 percentage points on Thursday.
Even moving to interest-only deals will cost more than mortgage repayment agreements in December 2021
EXCLUSIVE: Britons are being urged to be proactive to secure their next mortgage deal as analysts predict interest rates to continue to rise.