The MoneySavingExpert.com founder said fixed savings rates could be shaved down but highlighted a tactic that savers could use.
Savers may see some rates being shaved down after the Bank of England paused its run of base rate rises, according to consumer champion Martin Lewis.
He said: “The Bank of England minutes ago voted to maintain interest rates at 5.25% – not increase as many predicted. It’s therefore possible fixed-rate savings may shave down their rates at speed .” “Just hold it so you’ve got it available, and you can wait and see what happens to rates. If they go the other way, just don’t fund the facility you’ve opened now – that’s not a problem.”Earlier this week, NatWest said the number of fixed-term accounts opened in the first half of 2023 was around 17 times the total it recorded in the same period in 2019.
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