Don’t expect savings rates to rise, savers told

The Bank of England has hinted at a Base rate rise, but the connection between it and savings rates has been severed for some time

For the first time in years things are looking up for savers. Or are they?

Last Thursday Mark Carney, the governor of the Bank of England, indicated that interest rates would rise as early as December. This should be good news for savers who have witnessed rock bottom returns over a six-year period in which the Bank base rate has stayed at 0.5%. But this might not bring a correlating rise in the rates paid on savings accounts.

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