Offering new customers 5% AER (4.89% gross, variable) for six months, the account is currently one of the best savings accounts on the market – but this won’t remain the case for long.

The Bank of England (BoE) have today announced their base rate is to be cut 25 basis points, leaving the Bank Rate - what we might simply call the interest rate - at 4.5 per cent, the lowest it has been in the UK since mid-June 2023.

After years of low rates, high-yield savings accounts are sttill having a moment even as the Bank of England (BoE) cut interest rates at 4.5% in February. While homeowners face high mortgage rates, there is a silver lining in higher borrowing costs, and consumers can find UK savings accounts offering higher than inflation rates.

We explain what the Bank of England's decision to cut rates to 4.5% means for your money - and whether rates will be cut again soon.

The Bank of England base rate can affect everything from your mortgage to the rates applied to credit cards - we round up everything you need to know following the latest announcement

In its latest Monetary Policy Committee meeting, the Bank of England voted to cut the Bank Rate to 4.5pc – the first of several rate reductions predicted to come this year.

The Bank of England is expected to lower interest rates for the first time in months, as it seeks to counteract the UK’s sluggish economic growth. Economists anticipate a 0.25 percentage point reduction,