The Post Office has urged people looking to
begin
saving money not to rest on their laurels after the base rate
decision.
On February 8th 2007, the
Bank of England's monetary policy committee opted to hold
the base rate at 5.25 per cent, potentially meaning that
savings rates may not be altered on many
savings accounts across the UK.
However, the postal services provider has pointed out that its
savings customers have benefited from 0.25 per cent increases
to savings rates since February 7th 2007.
On this date, people with a Post Office instant saver
account saw their savings receive 5.5 per cent interest, while
the organisation also reiterated its guarantee to track changes to
the base rate until January 2008.
Richard Norman, head of savings at the Post Office, urged people
not to let savings take a back seat because of the
actions of some other
savings account providers.
Most
banks and
building societies have failed to pass on the full benefit of
January's rate rise, while some have left rates completely
unchanged, he explained.
Savers suffer as a result of this manipulation.
Consumers looking to start saving money may also wish to consider
opening an
individual savings account .
Available from a host of
financial services providers, the savings vehicle is a
government-backed scheme that offers customers
tax free savings .
