Transcript
Do you know how much interest your savings are earning?
If not, you could be missing out, and that could be costing you.
People who stay on top of their rates tend to earn more on their savings.
And one of the biggest factors affecting these rates is changes to the Bank of England’s base rate.
When the Bank raises the base rate, it can be great news for savers – but only if your money is in the right place.
Let’s look at an example.
If the rate on your savings account is 5%, and your savings pot is £50,000, you’ll earn £2,500 in interest over a year.
But what if your rate is 2%? You’d earn just £1,000 – leaving £1,500 on the table.
And if your money is sitting in an account earning 0.5% or less – it’s not just your cash that’s being short-changed.
It’s your retirement, your next business venture, your children’s future.
Money isn’t everything. But it touches everything. So don’t let it sit idle.
