Kevin Brown, savings expert at Scottish Friendly, has commented on the MPC's decision to hold interest rates

The Monetary Policy Committee’s decision to hold rates today will frustrate borrowers hoping for some relief but offers a measure of reassurance for savers. While savings rates have drifted down over the past 12 months, today’s hold should mean they remain steady for a little while longer.

However, even now many of the top savings deals are not beating inflation. If your money is in a low-rate account, you could actually be losing purchasing power over time, even though interest is being paid on your money.

That makes it more important than ever to shop around for the best home for your cash. Stability in rates is good, but a low-paying account that doesn’t outpace inflation is still a hidden loss.

Cash has an important role to play, but to outpace inflation over the long term, you may want to consider investing. Stock market investments carry more risk, but historically they’ve delivered far stronger returns than a typical savings account.