Bank of England holds base rate at 0.5%

Many commentators expect the official borrowing measure to remain low for a number of months further (see the MSE News Rates to stay low story).

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.

Over the past few weeks, savings rates have been steadily rising, but only on the top accounts (see the Top Savings guide for the best accounts).

Most have seen the rate paid on their savings plummet over recent months because the Base Rate is at an historic low (see the Millions earn sub 1% savings interest MSE News story).

Homeowners with mortgages linked to the base rate or their lender's standard variable rate have generally seen monthly payments plummet over the past year.

Prior to the present benign period, there were six months of falls. This time last year, Base Rate stood at 5% before it started to tumble in October 2008.

Further reading/Key links

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