The keys to unlocking a better rate

AFTER two years of rising interest rates, savers were finally starting to feel like they were winning.

- by Katie Elliott

But last week's Bank of England rate cut to 4.25% is a reminder that the good times may be gradually coming to an end. The cut itself wasn’t huge, but it matters. Banks and building societies tend to take rate cuts as a cue to start trimming what they pay you, often quietly. So, if your money’s sitting in an account you haven’t checked since last year, there’s a good chance it’s already earning less than it should. New research from savings app Spring found UK savers have a collective £526billion sitting idle in low-interest accounts paying 1.25% or less.