Which? responds as Bank holds base rate at 3.75%

Jenny Ross, Which? Money Editor, said:

"While it may still be too soon to celebrate, the last few days have brought hints that the economic outlook may not be as bleak as recently feared. The bank's decision to hold the base rate should signal stability in the mortgage market, and may even encourage better deals in the coming weeks.

"If your mortgage deal ends this year, ensure you start shopping around for a new deal at the earliest opportunity. This gives you the best chance of securing a good rate, and protects you if they unexpectedly rise again.

"Savers should also keep a close eye on their accounts, and be ready to switch if their interest rate isn't keeping pace. Some of the most competitive accounts are currently offering returns around the 5% mark, so it's well worth checking to see if there's a product that could suit your needs better."

-ENDS-