BOE Says UK Savings Rate Hit New Low

Interest rates for millions of UK savers have sunk to a new low, according to the Bank of England.

The average rate on Individual Savings Accounts (Isas) fell to 0.85% in December, down from 0.99% in November.

On instant access accounts, the interest rate fell to 0.48%, from 0.54% a month earlier.

Some individual banks are paying savers as little as 0.01%, the Financial Conduct Authority (FCA) reported in December.

One reason may be that expectations about a rise in base rates continue to be pushed backwards.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza