Interest rates have been hiked again - but who are the winners and losers when rates go up?
The Bank of England (BoE) this afternoon confirmed its base rate will rise from 1.75% to 2.25% - its highest level in 14 years.
The base rate influences how much banks, building societies and lenders charge for mortgages, loans and other types of credit.
When interest rates go up, you may find your mortgage and some other debts become more expensive.
But one good thing is that saving rates should rise - although rates are still painfully low compared to inflation.
The Bank of England is raising interest rates to try and lower inflation, which is currently at a 40-year-high of 9.9%.
Are you worried about rising interest rates? Let us know: mirror.money.saving@mirror.co.uk
The Bank of England aims to keep inflation at 2% - so the current level is way off target.
But what does rising interest rates mean for your money? We explain all the winners and losers.
Winners - people with savings
Savers should get a bigger return on their cash when interest rates are hiked - although it is down to your bank to pass the higher rate on.
It is also worth noting that savings rates are still well below the level of inflation.
The top-paying easy access account right now is from Ford Money which is offering a rate of 1.95%
You will get a better return if you put your money into an account that locks away your cash for a certain amount of time.
The downside is, you can’t access your money when you need it - or you'll need to pay a penalty to withdraw your money.
If your cash is locked into a fixed rate account, then the rate you get in interest also doesn’t go up - even when interest rates rise.
The top-paying one-year fix right now is from Oxbury Bank with a rate of 3.48%, while a five-year fix from United Trust Bank pays 3.75%.
The cost of living crisis has made it harder than ever for people to save, so it’s important you compare accounts to make sure you’re getting the highest return on your money.
It might be worth holding tight to see what lenders announce any rate increases before deciding to make a switch.
Losers - people with mortgages and debt
If you have debt - for example, through a mortgage or credit card - then your bills could be about to get more expensive.
Homeowners with a tracker mortgage will see an increase from today, as these deals move in line with the base rate.
If you're on a standard variable rate (SVR) mortgage, then you'll likely see your rates go up as well.
It'll be down to your lender whether to pass on the increase - and most major banks and building societies do decide to do this.
You'll usually be on an SVR type mortgage deal after your fix or tracker rate ends.
If you have a fixed-rate mortgage, your rates won't change.
Credit card rates are normally variable, which means they can go up or down.
Although their rates are not typically linked to the base rate, they have been going up over time regardless.
Your lender should give you notice if your rate is going up or down.
Interest rates on most personal loans and car financing are fixed, which means the rates on these shouldn't change.
However, you may find lenders will now start advertising loans at a higher rate - which means borrowing becomes more expensive for new customers.
