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Best bets for savers

ended 08. May 2025

Following the Bank of England cutting the base rate by 0.25% today, Newspage asked IFAs and money experts what the likely impact on savers will be and what advice they would offer savers in an interest rate cycle like this? Views will appear below until 13:00.

3 responses from the Newspage community

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Editor
Scott Gallacher
Director at Rowley Turton
If you're concerned about the interest rate being cut, and can afford to tie your money up, you should be looking at applying for a fixed-rate savings account in advance of today's announcement. That way, you effectively 'lock in' the pre-cut rates.

Some of the best rates today include:

Habib Bank Zurich 12-month account at 4.50%,
UBL UK Raisin 3-year Fixed Term at 4.41%, and
Close Brother's 5 year Bond at 4.35%

For ISAs, I'd look at:
Castle Trust Fixed Rate e-Cash ISA, 4.26% for 1 year,
Shawbrook Bank 3 Year Fixed Rate Cash ISA Bond at 3.93%, and
Shawbrook's 5 Year Cash ISA at 4.12%.

The key is not to tie up your money if you might need it before the end of that particular fixed-rate period.





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Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Cash accounts could lose further appeal in 2025 if interest rates continue to decline. Banks are likely to cut savings rates quickly, making them less attractive. This may push more savers towards investments that offer a better chance of outpacing inflation.







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Harry Mills
Director at Oku Markets
The Bank of England’s quarter-point cut will nudge savings rates down, though not overnight. We’ve already seen providers trim the most competitive deals over the past six months, so savers should consider locking in rates now before they fall further.