At last! Base rate cut to 5% - what it means for savings & borrowing (August 2024 update)
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- Опубликовано: 8 сен 2024
- After a year of no change, which followed two and a half years of hikes. the Bank of England has finally cut the base rate of interest.
Plus what this means for savings and mortgages.
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
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Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
More here becleverwithyourcash.com/what-will-an-interest-rate-rise-mean-for-you/?Organic_RUclips&Banking_savings&July24_link_in_video
The award goes to Tandem - for being the first to announce a rate cut.. I don't have any money with them after the fiasco they had with delayed payments a while back.
Only 3 hours after announcement
The problem is the prices will say where they are. If you didn't have a pay rise matching the inflation on a yearly basis, you got poorer. Actually your saving won't reward you while you are left with high cost of life - the big squeeze - Homeowner are complaining about the base rate but much of of can't afford to buy a house unlike the past generation and the one before.
@@christophetreboutte2656 the problem is the prices of houses that they’re building and buying. Most of the past generations opted for a small house/flat to start with and then progressed to a bigger property when you could afford it.
I remember having to pay a mortgage at 15% in 1990 and certainly thereafter it was never as low as it has been in the last 10 years.
Sucks for renters.
Why is this?
Yer, I am on a tracker but feel that the wait for an interest cut has been too long that all savings are eaten up by the fact that I didn't get a cheaper fixed rate.
Chip has already cut their interest on the saving accounts to 4.84% from 5.1% for their ISA without sending any notification or emails
Indeed , assumed they would at least tell customers.
@@michaelmarsh-bl9mg they didn't, they are very quick to tell the customers when the rate goes up, but when it falls they are silent
A split decision means caution caution caution!
2% on 20% it's a fools trap, let's see what really happens to energy prices this winter
My parents haven’t had a pay rise in the past 3-4 years…. So their standard of living has still taken a huge hit
Thats wild, id have looked for another job, seeing wages grow since late last year.
@@adistraction2668 whoever building developers complain about worker shortage…. Ask them why they dont pay higher to bricklayers….
Lots are in this, me too. Mine only go up when minimum wage goes up which your parents will have got. So they have had a rise of sorts.
@@adistraction2668depends what's about and how old they are. If you're 40 upwards like me opportunities can be scarce on some places and you'll want to stay where you are because you will lose pension contributions for 3 months if you change jobs.
@@adistraction2668 easy to say from the outside!
Skipton BS reduced some of their savings accounts immediately
Finally, deep recession signal. Why are we celebrating? Incentivise saving and sustainable growth not spending money thats unearnt.
why do you want inflation?
A little of of inflation acts on the economy like a carrot on a stick that encourages a donkey to move forward. In incentivises growth in order to keep up with inflation.
Inflation… you mean corporate greed
@@20quidwe can manufacture OUR OWN carrots and sticks now that we don't have all that red tape by unelected bureaucrats in Brussels, ho hum