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What
is a Savings Tracker |
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In its basic form
a Savings Tracker is a Money Savings Deposit Account. You
can put money in and take money out whilst you gain interest
on credit balances. The Tracker element means the interest
rate you receive is dependant upon an 'index'. This index
is typically Bank Base Rate although it could be a Share Index.
For the purpose of this guide we will assume the Savings Tracker
tracks the Bank of England Base Rate.
Savings Trackers are typically set at a rate above or below
the Bank of England Base Rate for instance if you Savings
Tracker is set at the Bank of England Base Rate + 0.25% you
will be paid interest on your savings at 0.25% above the current
base rate.
The Bank of England Base Rate can often fluctuate (please
click here if you would like to view historic Bank of England
Base Rates). This means the actual interest rate you receive
can often vary. However, the spread over the index (e.g. 0.25%)
remains constant.
An Example
In month one the Bank of England Base Rate may be 4.50%.
Your Savings Tracker product yields interest to you of the
base Rate +0.25%. This means the interest you receive on your
savings is 4.75%
In month six let's say the Bank of England Base Rate goes
down to 4.25%. Your Savings Tracker will now yield 4.25% +
0.25% = 4.50%
Who sets the Bank of England Base Rate
The Bank of England Base Rate is reviewed and set monthly
by the Bank's Monetary Policy Committee (MPC). The MPC sets
an interest rate it judges will enable the inflation target
to be met. The Bank's Monetary Policy Committee (MPC) is made
up of nine members - the Governor, the two Deputy Governors,
the Bank's Chief Economist, the Executive Director for Markets
and four external members appointed directly by the Chancellor.
The appointment of external members is designed to ensure
that the MPC benefits from thinking and expertise in addition
to that gained inside the Bank of England.
Click here
for the latest UK financial
statistics
Historic Bank of England Base Rates
Click here
for historic base rate levels
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©
Copyright. Charles Gregg Corporation UK. All rights reserved |
Website
by: morethaninstinct |
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