Savings rates

[Malbab]

Now that BoE has paused rate hikes will savings rate start coming down if so how soon ? I have lump sum maturing from a small fixed rate end of October , is it okay to wait for it to mature and fix again or do it now when rate is good , what do people think 🤔

Savings rates are unlikely to fall until the BoE base rate falls.

At the moment the BoE rate is not going up, but no one is predicting it will come down any time soon.

So if I were you I’d be comfortable waiting. Presumably you’d forfeit some interest or pay a penalty if you pulled money out earlier.

On MSE, Martin Lewis is advising savers to lock in a fixed rate account now. You usually only have 14 days to fund it though and after that you can’t put any more in. If you wanted to transfer from your current fixed savings account before maturity there would be penalties so it might not be worth it.
If you have other instant access savings you could open a fixed term now and transfer from those and then top up your instant access when your current fixed term one matures.

Thank u yes there penalties if I take it early and I think I’ll take a risk and wait till 31 st October
there are some that ends in January and march which I think I will end early in October as they are on very low rates and worth paying penalty and fixing at higher rates now