Sarah Pennells, consumer finance specialist at Royal London comments on the announcement that the Bank of England has held interest rates.
“The fact that the Bank of England didn’t increase the base rate will mean a reprieve for the approximately two million households that have a tracker or standard variable rate mortgage. With some of the cheapest mortgage deals being withdrawn in the days running up to the Monetary Policy committee decision, some borrowers were understandably concerned about the impact on their finances.
However, although the committee left the base rate unchanged, it did strongly signal that rates could rise in the near future. While it might be disappointing news for savers, who may have been hoping for a boost to their savings rates, it may be a good opportunity to look at what other accounts are paying. There’s currently a difference of over 0.5% between the highest and lowest paying easy access accounts – and even a small amount of extra interest will add up.”
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About Royal London
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £153 billion, 8.8 million policies in force and 4,075 employees. Figures quoted are as at 30 June 2021.