Zopa bank boss warns savings will ‘shrink’ despite interest rates hike | Personal Finance | Finance

“Consumers should also look at immediate steps they can take to improve their financial resilience, cross-industry initiatives like pledge2025.org offer excellent resources to start this journey.

“These steps include but are not limited to using a credit-building service to improve credit scores, signing up to a debt consolidation tool to reduce monthly financial obligations, and switching utility providers to access better-priced utilities in the marketplace.”

James Andrews, senior personal finance editor at money.co.uk, urged savers to shop around and not rely on their bank passing on the base rate hike.

He said: “The message for savers is simple. Don’t hold your breath waiting for November’s rise in interest rates to filter through to your savings account – on past form it simply won’t.

“Instead, if you’re looking for more interest on your savings, move your money now.”