Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

After months of dithering, the Bank of England has finally cut the base rate to 5 per cent, the first time the central bank has voted to cut the base rate since 2020. On seven consecutive occasions the central bank voted to hold rates at 5.25 per cent between August 2023 and June 2024, despite falling inflation. There had been 14 consecutive base rate hikes since December 2021. Watch video version - https://youtu.be/2QM8OSUb4OY?si=4Lg1x8qwnXcD_pwb The bank’s successive interest rate rises between December 2021 and August 2023 were bad news for borrowers but good news for savers. The average two-year fixed mortgage rate is now 5.78 per cent, according to Moneyfacts, and the average five-year fix is 5.39 per cent. Right now, the lowest five-year fix is 3.99 per cent and the lowest two-year fix is 4.42 per cent, but lenders have already started cutting rates, but beware for excessive arrangement fees.  Savers Rates Say goodbye to great savers deals, including Santander's 5.2 per cent special edition easy-acc