Bank policymakers expect the Consumer Prices Index to fall into negative territory in the coming months and to remain low this year.
Calum Bennie, savings expert at Scottish Friendly, said: “The interest rate doves are all in the coop together, although two members did feel that the decision was finely balanced on whether there should be a rate rise.
“While the stagnation of the base rate is bad news for savers, the present low inflation due to low fuel costs is something consumers should enjoy while it lasts. However it makes sense to try and use these benign circumstances to put aside money for when this short-term period of deflation is over and interest rates go up – as they undoubtedly will.
“All eyes will be on the UK economy after the May General Election, particularly as any change in Government could have a bearing on interest rate decisions depending on their economic strategy.”