Harriet Guevara, Chief Savings Officer at Nottingham Building Society, comments ahead of the Bank of England’s rate decision: “Whether or not the base rate moves this week, we do expect further cuts by the end of the year. Therefore, this remains an important moment for savers to review their options.”
“Cash ISAs remain a powerful tool, especially with rates still relatively strong on both easy access and fixed-rate options. And with speculation that future rule changes may reduce how much of your £20,000 annual ISA allowance can be held in cash, it makes sense to take advantage of the current structure while you still can.
“On the mortgage side, it’s worth remembering that base rate decisions also shape the cost of borrowing. While we may not see movement this month, future cuts could bring opportunities for borrowers, especially for those coming off fixed deals, to explore more affordable options later this year. In the meantime, it’s important to stay informed, review your products regularly, and be ready to act when the time is right.”
“Whether it’s for short-term savings or long-term plans, reviewing your accounts now and considering a Cash ISA could help maximise returns before rates start to fall, and before any potential restrictions on tax-free cash saving are introduced.”
