But while there may not be much news coming from the Bank's Monetary Policy Committee, the wider banking sector has seemingly become a hive of activity.
A week of radical reform
Earlier this week the Chancellor, Alistair Darling, announced that he will 'break up' part-nationalised banks, Lloyds Banking Group and Royal Bank of Scotland and sell them off 'in parts' - a move that will literally revolutionise high street banking.
The start of November has also seen the introduction of a new Lending Code designed to protect anyone borrowing money through any means, while the government has pledged to protect consumers better within the credit card arena.
Shifting sands in the savings market
But, most surprisingly in the face of a stagnant base rate, is that the biggest movements have been witnessed within the savings market. However, this has little or nothing to do with interest rates at all.
As the end of the year comes into view, savings providers' annual targets are looming large. And, in an attempt to meet these targets, banks and building societies are hiking up rates to attract savers' money in a last ditched attempt to fill their coffers.
With Christmas just around the corner, saving is unlikely to be at the top of consumers' agenda. But even putting a small amount aside could secure a competitive rate now for any money you can save in the New Year and beyond. And after the worst drought on savings returns for decades, this should come as a welcome change.
So what are the best savings accounts up for grabs?
The best instant access deals
Chelsea Building Society is launching its fourth Rainy Day Savings account from this weekend (7 November). Savers will need to invest a minimum deposit of £10,000 to attract interest of 3.25%. However, this rate incorporates an unconditional bonus of 1.5% for the first year of saving so be prepared to move your money again once that ends.
Fee-free withdrawals of up to £5,000 are permitted for the first year, after which a £25 administration charge will apply. Bear in mind though that minimum withdrawal in the first 12 months is a pretty hefty £500.
Sainsbury's Online Saver pays 3.20% on balances of £1,000 or more. Again though, there are some restrictions to be aware of: the rate includes a 12-month bonus and drops to 0.50% once it ends. Also, only three penalty-free withdrawals are allowed during the first year - make more than that and the rate drops to the standard 0.50%.
However, if you have a smaller amount to save, it doesn't mean you have to sacrifice the rate. Even if you can just spare a deposit of £1 in the lead up to Christmas, there are competitive deals available.
The AA's Internet Extra (Issue 1) and Birmingham Midshire's Telephone Extra accounts which are both paying 3.15% on balances of £1 or more. The rate includes a 2.65% bonus which lasts for 12-months.
Locking away your cash
Typically of course, the more cash you have - and the less you need it - the greater your return will be. That's why fixed rate bonds that require bigger deposits than instant access accounts (and keep your cash locked away) pay the best rates.
For example, if you can spare a minimum £500 for at least five years, Skipton Building Society will pay a relatively handsome 5.38% with its simply-titled Fixed Rate Bond. Those who can only part with £100 in the run up to Christmas - but can still do without the sum for five years - can earn 5.30% on their cash with Yorkshire Building Society's Fixed Rate e-Bond.
Savers reluctant to lose access to their cash for five years but still looking for a decent return, have other options. For example, the AA's Internet Fixed Savings Account will pay 4.35% for two years providing you can cough up a £500 deposit. And Coventry Building Society's Poppy Bond (2) is paying a slightly lower rate of 4.30%. However, what's nice about this account is that you can benefit from a great rate and donate to charity at the same time as Coventry will give 0.20% of the total funds invested in this bond to the Royal British Legion - last year the charity received a cheque for £1.6million.
Another fixed rate deal worth considering is National, Savings & Investments' one-year Guaranteed Growth Bond which is paying 3.95%. Still with a minimum deposit of £500, savers will only need to forfeit their cash for 12 months - so you'll be able to access your money again just in time for Christmas 2011.
The importance of moving quickly
The sticking point for savers across the board however is that providers can - and will - pull deals as quickly as they are launched, according to the contents of their own balance sheets. This means savers need to move fast to secure the most profitable home for their cash.
But the good news is that today's attractive savings rates is proof that providers will always have their own agenda that is almost divorced from the base rate - good news given the fact it has remained at an unfaltering 0.5% since March. In return, savers will just need to be astute, cash-ready and quick on their feet.
Please note: Any rates or deals mentioned in this article were available at the time of writing.
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