The finance expert explained: “On paper, a rate rise is good for savers. We’re likely to see easy access rates continue to inch up.
“At the moment, you can make up to three percent on your savings if you’re prepared to accept restrictions, and we can expect accounts to start offering the same rate with more flexibility as we get towards the end of the year.
“The high street banks increased rates on their branch-based easy access accounts very fractionally at the start of the month, and they may do so again. However, they’re still likely to be offering a fraction of one percent, so if you’re tied to them by loyalty or inertia, this will cost you dear.”
Ms Simpson also spoke about how the interest rates hike will impact mortgage repayments depending on the type of mortgage a person is on.
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