Following last month's unanimous decision to keep the base rate at 0.5%, the Bank of England has once again decided to keep the base rate at its historic low.
The committee has frozen the rate at 0.5% since March, and most analysts agree that whenever the next move comes, it will be upwards.
Many don't believe the Bank will increase the base rate this side of the New Year, as it continues trying to ease the lending markets and boost recession-busting spending.
The mortgage market
There are signs that its efforts are having some effect. The Council of Mortgage Lenders admits there is more activity in the housing market than there was at the start of the year, although it warns the "outlook remains sluggish".
Anyone applying for a mortgage needs a considerable deposit and the best rates are available to people with equity or savings of at least 25% the property's value.
If you only need to borrow three-quarters of the value, the Co-operative Bank has a three-year tracker at 2.39%. If you'd prefer a fixed rate, first direct has a two-year fix of 3.34% with fees of £1,498. Many borrowers will find it hard to qualify, however, as you need a deposit of at least 40%.
Savings rates
A low base rate spells bad news for most savers, and certainly if you haven't moved your savings recently you will probably be earning less than the 0.5% base rate.
However, we are in highly unusual times and providers are still desperate for our cash. As a result, rates on savings accounts for new customers continue to climb. Only this week we've seen Nationwide, Leeds and Norwich & Peterborough building societies among the providers launching new deals.
Therefore, if you haven't already done so, it is well worth checking to see if your current savings rate can be beaten.
If you've got money you can afford to lock away Barnsley Building Society's 3 Year Online Bond is offering interest of 5.00% on a minimum investment of just £100. With the interest rates likely to start rising at some point, experts are not advising you tie your money away for longer than two or three years in case you find yourself stuck on a rate that becomes uncompetitive.
The rates on easy access accounts are also highly competitive. You can't earn as much as you can with a fixed rate bond, but the leading rates are paying well above the base rate. Alliance & Leicester's Online Saver Issue 5, for example, is paying 3.15% on balance of £1,000 or more and it allows unlimited penalty-free withdrawals. However, as with most of the leading easy access deals, the rate does include a 12-month bonus so be prepared to move your money again when that ends.
For more on what today's interest rate decision means for savers and borrowers watch our video 'MPC decision August 2009'.
You can find details of the leading deals by visiting moneysupermarket.com's savings and mortgage channels.
Disclaimer: Please note that any rates or deals mentioned in this article were available at the time of writing.
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