MoneySavingExpert.com homepage
Cutting your costs, fighting your corner
Founder, Martin Lewis · Editor-in-Chief, Marcus Herbert
Search bar closed.
MSE News

Base rate held at 0.5%

bank_station
Guy Anker
Guy Anker
Deputy Editor & Head of Operations
7 May 2009

The Bank of England today announced it is holding the base rate at 0.5% for the second 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 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 their monthly payments plummet.

Dan Plant, savings analyst at MoneySavingExpert.com, says: "Today’s hold was expected. If you’ve got savings, now’s the best time for months to check your rate and see if you can beat it. The volatile rate environment seems over for now, so it’s the right time to compare and switch."

MSE Forum
Forum image
MSE Email icon 18 February 2025

For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

32 months 0% debt shift
Now on three cards
5 'hidden' Amazon tricks
Bag yourself a bargain
Protect yourself from phone theft
16 tips
ONE cheap energy fix left
Fix NOW
£150 Ninja air fryer £90
6,000 available
Marriage can save you £200k
Watch Martin's video
264Mb Virgin broadband
'£20 a month'
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff