Inflation, interest rates, mortgages and day-to-day finances. If you're feeling dizzy because of all this number talk, you're in the right place. In this video we summed up what it 'actually' means for you and how you're going to be affected by the rising interest rate.
So the Bank of England has just literally raised rates by a quarter of a percent. But what does that mean for you?
The cost of your mortgage is going up. Loans and credit cards are also up.
Savings rates up. Cost of essentials should go down.
So great news for all the savers out there.
And if you are saving for your kids in a traditional bank and/or cash junior isa, then you should start seeing rates going up.
So you should be getting all these wonderful emails from your bank telling you how the rates are going up.
And if you’re not getting those emails, and they’re giving you the silent treatment then it might be time to start shopping around.