The Bank of England today announced it is holding the Base Rate at its 0.5% historic low for the 14th consecutive month.

The stable interest rate environment means now is a good time for savers to check what they're earning on their money and switch elsewhere, if necessary (see the Top Savings guide for the best picks).

Homeowners with mortgages linked to the base rate or their lender's standard variable rate (SVR) have generally been paying relatively low rates over the past year, though some building society SVRs are rising (see the SVRs up MSE News story, and the Remortgage Guide).

Prior to the present benign period, there were six months of falls. In October 2008, Base Rate started to tumble from the then 5% level to its current low.

Further reading/Key links

Boost your rate : Top Savings
Cut-price homeloans: Cheap Mortgage Finding

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Base rate held at 0.5%