Danielle Richardson, Which? Money Expert, said:
“This rise in the base rate will impact both homeowners and savers. Borrowers on fixed mortgages won’t see any change to their repayments, but anyone on a tracker or variable rate could see their payments increase.
“To protect yourself from paying more if the base rate rises again in the future, it could be a good idea to consider switching to a fixed deal with more competitive rates.”Interest rates for savers have been going up recently, but there is no guarantee that your provider will pass on the latest increase. No savings accounts can match the current rate of inflation, but it still pays to shop around and make sure you’re getting the most competitive deal possible.”
Notes to Editors