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When interest rates go up the news headlines always feature calculations of higher mortgage costs with the good news for savers being just a side comment, but every increase is good news for those with savings that amount to more than their debts.
It's common for mortgage companies to react with alarming speed when rates go up, but banks and building societies seem unable to move with such haste when it comes to adjusting their saving rates. So now could be a good time to dig out all those saving account and ISA statements and review what you are getting.
If your account is lagging behind competitive rates, don't just wait for it to catch up, it may never do so. In fact banks and building societies are renown for letting existing accounts languish on poor rates, while they introduce new products with lower headline-grabbing rates.
So spend a few minutes this weekend looking at what you have and, if it makes sense, switch to a better deal. Even better let your bank or building society do the hard work for you - just pop in and ask them if they can move you to a better rate before you go shopping for a new deal - you'll be pleasantly surprised how quickly they move then!
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