Calum Bennie, savings expert at Scottish Friendly, said: “Today’s unexpectedly unanimous decision to hold interest rates means we are destined to mark the seventh year of historic low interest rates next month.
“The Bank of England holding interest rates at these lows is now a familiar sight for everyone. Its decision to lower estimated GDP growth together with its view of continuing low inflation, shows we are still a long way off from a rate rise.
“Now that we are no longer holding our breath on Mark Carney and co pulling the trigger on a rate rise, savers continue to see dismal returns on their cash. For those wanting to grow their savings over the long-term, now is the time to consider stocks and shares ISAs as an alternative way of planning for the future, although risk is attached.”