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Defaqto: BoE decision is 'bad news for savers'

04 February 2010

The decision to maintain interest rates at 0.5 per cent, announced earlier today (February 4th) by the Bank of England's Monetary Policy Committee, is "bad news for Britain's hard pressed savers".

This is the view of financial information provider Defaqto, which said the move will be a "severe blow" to the UK's retired community.

David Black, a banking specialist at Defaqto, said: "There are things that savers can do to boost their savings rates.

"It has been apparent for some time that inertia and loyalty does not pay in the current savings market. A proactive approach by moving variable rate savings accounts to take advantage of things like introductory bonuses from those banks and building societies appearing in the best buy tables would boost the returns for many."

Worries about the rate of interest paid on savings could lead a number of people to enquire about additional ways to fund their retirements.

This could lead to rise in the number of people using equity release schemes to draw funds from the value of the homes.