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Consumer impact after the Bank of England base rate rise
Three-quarters of savers have failed to see an increase in their interest rate since the BoE base rate rise.
The BoE upped the interest rate by 25 basis points from 0.5% to 0.75% in August 2018. While this has seen almost all lenders increase the interest rate that consumers pay on things like mortgages, a lot of people with savings accounts have seen little return on their money.
|Date||Official Bank Rate|
Has the interest rate on your main/primary savings account gone up over the past 3 months?
Consumer awareness of these changes appears to be low, with only 44% of savers sure about whether the interest on their accounts has risen or not. Of the 1 in 4 (26%) who believe their interest rate has increased, only half of them (12%) know how much it has risen by. Surprisingly, 16% believe that the interest rate on their savings has in fact dropped since August.
|My interest rate increased and I know by how much||12.15%|
|I think my interest rate increased, not sure by how much||13.92%|
|I think interest rate has decreased||16.20%|
|I don't know if my interest rate has gone up or not||25.85%|
|I know that my interest rate has stayed the same||31.89%|
These findings come ahead of Thursday’s interest rate announcement by the BoE’s Monetary Policy Committee (MPC), who will discuss changes to the base rate, which is predicted by Finder’s panel of economic experts to hold at 0.75%, with Brexit uncertainty cited as the reason for this.
Young Brits aged 18–38 are the most out of touch with how August’s increase has affected their savings, with fewer than a third (31%) of savers aware of any changes. Those over the age of 74 are the savviest, with 3 in 5 (61%) savers claiming to know what an interest rate rise means for them.
% understanding the impact of the interest rate rise
|Generation||Understanding the impact|
|Silent (Born 1928–1945)||61%|
|Boomers (Born 1946–1964)||55%|
|Generation X (Born 1965–1980)||41%|
|Millennials (Born 1981–1996)||32%|
|Postmillennial/Generation Z (Born after 1996)||30%|
The North East is the region most in the dark about the interest rate rise, with two-thirds (67%) unaware of how their savings have been affected. Half of those in Yorkshire and the Humber (51%) claim to understand the implications of the rise, making this the UK’s most informed region. Worryingly, 2 in 5 of these residents (42%) reported that their interest rate has remained the same.
% understanding the impact of the interest rate rise
|East of England||48%|
|Yorshire and the Humber||51%|
A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
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