Lorraine Cooke

So the banks tend to be a little bit slow on passing on the deposit rate increase.

So the money that you have in your deposit account increases.

So currently, if you check that, you might be getting a terrible, well, most likely will be at a terrible rate.

So, for example, you might be getting a quarter of a percent return before dirt is taken from that.

So if they do pass on any rate increases, that's where they will pass it on for the deposit account.

So make sure that you have money on deposit, check your rate.

And if the rate hasn't increased or, you know, it's not competitive, source the most competitive deposit rate.

Annuity rate holders as well.

So annuity rates are people who are on pensions.

So people who purchase a pension for life gives them a guaranteed income in their retirement.

Annuity rates do tend to go up as well when interest rates increase.

So that's, again, a positive for people who are purchasing annuities at that point in time.

But on the negative side, mortgage interest rates.

So the banks will be more quicker to pass on annuities.

the increase on the mortgage side of things and if they do then that is likely to increase your monthly mortgage repayment.

So the advice is a number of things.

Check the mortgage balance.

Check the value of your property because there's very, very competitive what's called loan-to-value mortgage rates.

So loan-to-value mortgage rates are the mortgage against the value of your property.

So have a look at that.