The Bank of England today announced it is holding the base rate at 0.5% for the fourth consecutive month.

It means now's a perfect time for savers to check what they're earning on their money and switch, if necessary.

The stable interest rate environment follows six months of falls, culminating in the current historic base rate low.

Since early October last year, when the base rate stood at 5%, it’s been misery for savers who, in many cases, have suffered from a dramatic drop in income.

However, homeowners with mortgages linked to the base rate or their lender’s standard variable rate have generally seen monthly payments plummet.

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