Martin Lewis has issued a "desperate" plea in the wake of the Bank of England rising interest rates to 5%.
The announcement was made at midday on Thursday, with the rate to jump up by 0.5% from 4.5%. This is the sharpest increase since February, surprising economists who had been expecting a smaller hike of 0.25 percentage points.
Essentially, interest rate rises are good news for savers and bad news for borrowers. Top saving deals have been rising rapidly, as have mortgage repayments for those not on a fixed mortgage.
