People with savings accounts were urged to “move their money” by Thursday

UK bank account holders are being urged to move their money ahead of the UK interest rate decision. With the Bank of England set to meet on Thursday, August 1, individuals are being advised to tap into high-paying accounts now before the change.

Simon Merchant of cash savings platform Flagstone advises: “Savers would do well to follow the guidance of advisers and savings professionals and take advantage of the competitive rates available,” He suggests that whether it’s instant access accounts or bonds five-year fixed-rate savings. , there are plenty of offers that can beat inflation.

The trader further warned: “Savers should act now.” The site’s Rachel Springall recommends those with disposable income who haven’t already “would be wise to grab a top savings account to keep it safe and earn a decent interest”.

Get the latest news straight to your phone, join us on WhatsApp

Money Saving Expert explains: “The main idea with easy access accounts is that you pay cash into them, they pay you interest while the money is in the account and you can withdraw whenever you want, especially useful if you have to dip into them. regularly to deal with the ongoing cost of living crisis,” reports Birmingham Live.

“The rates on these accounts are variable, meaning they can go up or down. You will be notified of any changes, but you should regularly check the table below to find out the current highest payer. If your account falls behind, simply move cashed in”.

A fixed rate account is essentially a savings account where the interest you earn is predetermined for a set period. However, access to your funds during this period is usually restricted and early withdrawal can result in large penalties.

Fixed rates are generally higher than easy access accounts, but if standard savings rates rise during your term, you’re locked in until the end of the term and can’t switch to a more lucrative option.