Media comment: Money Advice Service responds to Bank of England interest rate rise

Thursday 02 August 2018

Commenting on the Bank of England’s rise in interest rates, John Penberthy-Smith, Customer Director at the Money Advice Service said:

“With the Bank of England announcing an increase in its base rate today, now is the perfect time to consider how this could impact your finances. So, what will an interest rate rise mean for me?

Interest rates remain at historically low levels and if you are a saver this could be good news. Savings accounts may start to offer higher interest rates and this could be a good time to start shopping around for the best deal on your savings.

If you’re on a variable rate mortgage like a tracker, you could see an immediate increase in your mortgage repayments – so now is a good time to review your current deal. If you’re on a fixed rate mortgage, you should review when your current deal ends as a standard variable rate is likely to be more expensive.

Whatever your situation, it’s important to think about your financial future and the impact of an interest rate rise on your money. Free, impartial guidance, including access to a debt advice locator, money health check and budget planner is available on our website.