Savings rate rises have ‘started to slow’ as savers take millions out of NS&I – what to do

“There’s also a reasonable chance that at some stage someone will decide to nudge the rate up slightly to stand out.

“Mortgage lending is also still strong, which is helping to underpin the savings market. Net mortgage volumes were at £6.6billion in May, while approvals for house purchases remained elevated at 87,500.

“But competition in the mortgage market has pushed rates to record lows, which will put savings rates under pressure.

“Savings rate rises have started to slow, which is a useful reminder that there are no guarantees they’ll keep creeping up indefinitely. If you’re planning to switch, the key is to find the best possible rate in the market right now, rather than hanging on in the hope of finding rates that might not be on the cards for years.”

Read more
This post originally posted here Daily Express :: Finance Feed

Leave a Reply

Your email address will not be published. Required fields are marked *