Savers have been urged to take action now ahead of a potential change to interest rates next week.

Several experts are predicting another cut in the base interest rate from the Bank of England, meaning now is a good time to see if you can get a better rate before they fall again.

The base interest rate stands at 4.5%, having dropped from 4.75% in February. This follows the rate being lowered in November and August last year.

Dan Boardman-Weston, CEO and CIO at BRI Wealth Management, said the base raste is likely to fall by 25 percentage points next week, down to 4.25%. He added: “We would then expect a further three cuts, so taking the full year cut to 1%.”

Another financial expert predicting several cuts to the base rate is Elizabeth Rivelli, personal finance and insurance expert at Best Money.

She said: “The Bank of England has signalled that restrictive policy is still necessary, but the market now expects the first 0.25-point cut as early as the May 2025 meeting.

“If inflation continues to drift lower after its temporary summer bump, two further reductions are likely before December, leaving bank rate close to 3.75 percent at year-end.

“That path would still keep policy moderately tight, yet it would ease pressure on borrowers and gradually filter through to savings rates.”

With another rates cut perhaps on the way, Ms Rivelli urged savers to shop around for a better deal. She said there is one step people should take first, saying: “The first priority is to use this year’s full £20,000 ISA allowance while it is available.

“If you are comfortable locking money away, a fixed-term cash ISA gives rate certainty, while a top easy-access ISA preserves flexibility if the rumoured £4,000 cap were ever introduced.

“Splitting contributions between providers can help you capture a mix of competitive deals and makes it easier to transfer if the market moves.”

Mr Boardman-Weston has also encouraged savers to lock in a good rate before they drop. He explained: “If savers are keen to keep their capital as cash, then we would recommend looking for the best fixed-term cash deals to lock in higher rates before they fall.

“If savers have a longer-term time horizon then they should consider investing in the stock market as valuations in certain markets, such as the UK, look compelling.”

Many savers could get a much better rate. Ms Rivelli warned that many high street instant access accounts pay well below 3%.

Yet if you moved your funds into one of the online challenger banks, some of whom pay above 5%, you may be able to double your interest earnings.

She added: “Similarly, holders of fixed ISAs maturing this spring should shop around rather than rolling over automatically; the best one-year ISA rates are roughly one percentage point higher than most default retention offers.”

Although many are predicting the base rate will continue to fall, the decline may be very gradual given wider economic uncertainties.

Myron Jobson, senior personal finance analyst at interactive investor, said: “Geopolitical tensions, energy price volatility, and the persistence of domestic inflationary pressures—particularly in services—remain significant risks.

“The Bank of England is treading carefully as wage growth, while slowing, is still elevated. These factors are likely to mean only fractional tweaks, if a rate drop is on the horizon, particularly as domestic inflation is still proving stubborn.”

He also urged people to savers to lock in a fixed rate now, saying: “Those who can afford to lock away their money for at least five years or more should consider investing for the potential of long-term, inflation-beating returns that far outstrip current savings rates.

“Now could be the time for savers to lock into fixed-term savings products to take advantage of rates while they remain elevated. With cuts on the horizon, many savings providers will start trimming the most competitive deals. Those who wait too long may miss the best rates.”