'Best and worst' savings accounts before Bank of England interest rates decision

The Bank of England could announce a change to interest rates this week. The forecasts of experts suggest rates could be cut by 0.25 per cent, as is expected to happen in America this week as well, and as did happen at the last meeting of the European Central Bank - both of whose decisions offer indications of central bank thinking.

The Bank's Monetary Policy Committee (MPC) will meet on Thursday, November 7 to decide whether it should increase, decrease, or continue to freeze the base rate. Currently, rates stand at 5%, but the trajectory is downwards after falls in inflation.

“They will cut almost for sure,” said Jens Larsen, economist at the Eurasia Group consultancy, told the FT on Monday. "The bank finds itself with room to cut rates” because of inflation pressures easing, George Buckley, economist at financial services group Nomura, also told the Financial Times.

Banks across the country use the base rate to determine their own mortgage rates for customers as well as any other variable payback loans. Therefore, a change to the base rate will have a direct effect on many homeowners' finances.

In July 2023, the Financial Services Authority released its Cash Savings Market Review. The review called on banks and building societies to offer improved deals and pass on central bank rate changes to savers.

Despite this, research indicates that many savers may still see their savings diminished by inflation, which currently stands at a mere 1.7%. Experts at TotallyMoney compiled the table below which showcases 20 of the worst savings accounts for individuals seeking unrestricted deposit and withdrawal options.

1.20%

1.20%

1.20%

1.20%

Alastair Douglas, CEO of TotallyMoney comments: “If you’re sitting on any savings, double