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BOE Says UK Savings Rate Hit New Low

2024-06-22OANDAOANDA
Interest rates for millions of UK savers have sunk to a new low, according to the Bank of England. The average rate on Individual Savings Accounts (Isas) fell to 0.85% in December, down from 0.99% in November. On instant access accounts, the interest rate fell to 0.48%, from 0.54% a month earlier. Some individual banks […]

Interest rates for millions of UK savers have sunk to a new low, according to the Bank of England.

The average rate on Individual Savings Accounts (Isas) fell to 0.85% in December, down from 0.99% in November.

On instant access accounts, the interest rate fell to 0.48%, from 0.54% a month earlier.

Some individual banks are paying savers as little as 0.01%, the Financial Conduct Authority (FCA) reported in December.

One reason may be that expectations about a rise in base rates continue to be pushed backwards.

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