Savings hope as bank boosts interest rate – but savers told to 'act very quickly'

“Atom Bank were paying 0.85 percent in May but now pay 0.75 percent.

“This week, Shawbrook Bank increased its rate and is now marketing-leading at one percent, but if recent changes are any indication, this deal may not last very long.

“Clearly it is the more unfamiliar challenger banks fuelling competition, and so long as they have the same FSCS protection as the big banks, there is little reason to overlook them.”

Ahead of the Bank of England’s interest rate decision next Thursday, many financial commentators have shared their thoughts on what to expert.

This includes Laith Khalaf, financial analyst at AJ Bell, who said: “Inflation is rising and unemployment is falling, but the Bank of England isn’t going to do anything about raising interest rates until it’s sure these aren’t just transitory factors emanating from an economy that’s gone from red to green.


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