Britons have been urged to be flexible and switch savings accounts as interest rates continue to climb.
With the UK seemingly locked into a never-ending cost of living crisis, savers have been put at a disadvantage due to last month’s Consumer Price Index (CPI) rate of inflation reaching a 41-year high of 11.1 per cent. This has resulted in a knock-on effect to savings accounts, meaning they have been greatly diminished.
Also, the central bank’s Monetary Policy Committee has raised the nation’s base rate to three per cent which has been passed onto savers by banks and building societies across the country. And with consumers wondering what to do with the money they have stored away, a leading finance expert has come up with some tips as to what to do.
