Martin Lewis has issued a warning to anyone who wants to save money.
On Thursday, September 21, The Bank of England voted to maintain interest rates at 5.25%.This has prompted money saving expert Martin Lewis to issue an important message.
With the possibility of fixed rate savings to see a decrease "at speed", Mr Lewis said there is one thing you may want to do "this minute" or "play it both ways".
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Taking to social media on Thursday, he wrote: "The Bank of England minutes ago voted to maintain interest rates at 5.25% – not increase as many predicted. It's therefore possible fixed rate savings may shave down their rates at speed (as they're based on longer term predictions of interest rates).
"If so, and you were looking to lock-in a fix, you'll want to open a top fix this minute as the rates could drop even by later today, certainly if it does happen by later this week. Tactic to play it both ways: Open the fix today, but don't fund it (you've usually 7 to 14 days to do that).
"Just hold it so you've got it available, and you can wait and see what happens to rates. If they go the other way, just don't fund the facility you've opened now – that's not a problem."
More information about the latest savings rates and the best savings guide can be found via the moneysavingexpert.com newsletter here.
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