The Bank of England today announced it is holding the Base Rate at 0.5% for the ninth consecutive month.

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 picks).

However, 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. In October last year, 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