The Bank of England has reduced interest rates and there may be pressure to reduce even further as the Covid-19 crisis continues.
The knock on effect is that your bank cash rates may have been reduced anyway as banks face pressure to manage costs during lockdown with overdrafts being extended and mortgage holidays allowed.
Shop around for new, higher cash interest rates.
Stock market opportunities:
Stock markets have tumbled as economic activity across the planet grinds to a standstill. Is this a good time to switch cash holdings into markets and buy in at cheap levels?
A vaccine will be developed. Better treatments for those infected are being developed. Eventually, we will beat this virus and some form of normality will return.
Given the amount of support both central banks and governments around the World now ploughing money in to prop up their economies, this money will eventually bubble back up to the surface and stock markets will recover. It may take longer than normal for stock markets to reach all time highs but as soon as a vaccine is out and a cure is found, markets will bounce up.
Consider some stock market related investment today instead of low cash interest rates. Only invest monies that you can afford to lose or can wait for a recovery.
Consider transferring cash ISAs to stocks and shares ISAs, it is a simple transfer form that is required. It is also very simple to transfer monies to new bank accounts using bank account switching services.
Do not invest money that you cannot afford to lose or you need access to in the short term. It may take many months or even years for markets to recover but even a simple stock market increase of 10% is the equivalent of 20 years interest if your cash account is only paying 0.5%pa interest.
Buy low, sell high or simply search for higher interest paying bank accounts and cash ISAs.