Base Rate Decision This Week: Is it time to switch?

On Thursday 6 November 2025 the Bank of England’s Monetary Policy Committee will confirm the UK base rate. The base rate is the key interest rate in the UK — it’s the one high-street banks, building societies and newer app-based providers look at when they decide what to pay you on savings.

Even if your bank doesn’t change its rate that afternoon, many providers use MPC days (and the days after) to review their easy-access and ISA products.

If the Bank holds

• Lots of accounts may stay where they are.

• But some providers will still trim by a tiny amount (0.05%–0.20%) if they’ve been paying above the market.

• This is how a top account on Monday can be mid-table by the following week.

If the Bank cuts

• Variable and tracker-style accounts are usually the first to move down.

• Some cash ISAs that are linked to the base rate can be adjusted soon after.

• Not every provider cuts the full amount on day one — but the direction is usually lower.

What probably won’t change straight away

• Savings you’ve fixed already: if you locked into a 6 or 12 month fix, you keep that rate.

• Older fixed bonds: these don’t follow the base rate during the term.

What to do as a saver

1. Check your current rate now. If you’re well below the market, switch before providers react.

2. Look again in the 7–10 days after 6 November. That’s often when the quiet changes happen.

3. Use DepositScout to spot drops. We track UK savings products and flag when a rate you’re on has slipped, and show alternatives with FSCS protection where possible.

4. Consider fixing if you think cuts are coming and you want certainty.

My takeaway: MPC days are not just for economists, they’re the moments banks decide whether they can start edging savings rates down. Staying on top of that is how you keep your cash at the top of the table.

Further reading

• Bank of England: Monetary Policy summary and minutes: https://www.bankofengland.co.uk/monetary-policy

• MoneyHelper: Savings accounts explained: https://www.moneyhelper.org.uk/en/savings/savings-accounts/savings-accounts-explained