| UPDATED: 14:22, Thu, Mar 11, 2021
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Interest rates have plummeted in the last year, as the Bank of England took a decision to reduce its base rate to an historic low of 0.1 percent. This choice had a knock on effect for savers who have been left with limited options, and may feel a lack of motivation to put money away. However, despite this perhaps being a disincentive, savers are being encouraged to take action with their funds.
| UPDATED: 14:50, Wed, Mar 10, 2021
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Interest rates have suffered due to the pandemic, with the Bank of England lowering its base rate to 0.1 percent, and stating negative rates are in its “toolbox”. The impact on savings with more familiar providers has also been palpable, with many Britons unable to grow their cash. Recent research has shown the pandemic has prompted people to save more and improve their savings habits, but significant numbers could still be missing out.
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Interest rates took a tumble as a result of the Bank of England’s decision to lower its base rate in March 2020 to 0.1 percent. Many familiar providers followed suit, making it a challenge for those who were hoping to grow their money. As the challenging situation continues for savers, speculation has mounted about the potential for negative interest rates.
| UPDATED: 07:11, Sat, Mar 6, 2021
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Yorkshire Building Society recently launched a Loyalty Regular Saver which offers 3.5 percent gross p.a./AER variable. Eligible savers can open the account from just £10.
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| UPDATED: 07:11, Wed, Mar 3, 2021
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On March 5, Nationwide Building Society will launch a new issue of its Triple Access Online ISA, and it will pay an increased rate. Currently, the building society is offering a rate of 0.25 percent AER/tax-free (variable).