How can I benefit from the interest rate cuts?

The Bank of England has cut the base interest rate for the forth consecutive time taking the base interest rate now down to 1.5 percent the lowest level in over 300 years, but what does this mean to you?

If you are a homeowner on a variable or tracker mortgage this is fantastic news, however if you are a saver relying on your interest and didn’t fix your interest then this is extremely bad news.

If you are a saver that did not lock into a interest deal, your no stranger to the awful effects the series of Bank of England rate cuts since October has had on your interest payments. Banks and building Societies were offering 7 percent interest on savings of £5,000 now more than a third of saving accounts are offering 1 percent interest or less.

Here is a short run down of which banks are offering the best interest rates, Close Brothers are offering interest of 5 percent if you fix for two years, Anglo Irish are offering 4.6 percent and Indian ICICI are offering 4.65 percent if you fix for one year, however you will need to deposit at £10,000 with them to guarantee the rate, and you need to move fast as applications for the saving accounts need to be in by Tuesday 13 January.

Source: timesonline

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