What's the latest news from the banking and savings market? We monitor all the latest moves and keep you updated regularly with the key developments
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What's the latest news from the banking and savings market? We monitor all the latest moves and keep you updated regularly with the key developments
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half. lenders have been quick to follow by upping the interest rates on mortgages, but sluggish to dish out more for savings, especially on easy access accounts. ii for savings, especially on easy access accounts. access accounts. if you are a borrower, access accounts. if you are a borrower, you access accounts. if you are a borrower, you are access accounts. if you are a borrower, you are seeing - access accounts. if you are a i borrower, you are seeing pretty quickly interest rates being passed on, particularly if you are on a variable rate mortgage. if you have a variable savings rate it is not rising as much as you would hope so it is very much a case again of having a look at the wider market, seeking out mutuals and challenger banks and moving your money. loyalty doesn t always pay in this case. labour mps and consumer groups have accused the big four banks of being the worst offenders. between them, they also own halifax, bank of scotland, royal bank of scotland, royal b
lots to borrow money, but given very little reward to save it. so today, the financial conduct authority wants to turn up the pressure on those in charge of the banks. the base rate at the bank of england has ticked up 13 times in the last year and a half. lenders have been quick to follow by upping the interest rates on mortgages, but sluggish to dish out more for savings especially on easy access accounts. if you re a borrower, you re seeing pretty quickly interest rates being passed on, particularly if you re on a variable rate mortgage. we ve actually got a variable savings rate it s not actually rising as much as you would hope so it is very much a case, again, of having a look at the wider market, seeking out mutuals and challenger banks and moving your money. loyalty doesn t always pay in this case. mps and consumer groups have accused the big four banks of being the worst offenders. between them, they also own halifax, bank of scotland, royal bank of scotland,
if you re a borrower, you re seeing pretty quickly interest rates being passed on, particularly if you re on a variable rate mortgage. we ve actually got a variable savings rate it s not actually rising as much as you would hope so it is very much a case, again, of having a look at the wider market, seeking out mutuals and challenger banks and moving your money. loyalty doesn t always pay in this case. mps and consumer groups have accused the big four banks of being the worst offenders. between them, they also own halifax, bank of scotland, royal bank of scotland, and the ulster bank. so any changes agreed today will affect millions of savers. the financial conduct authority doesn t have the power to force banks to increase rates, but they say they are hoping for a positive outcome today. we re still seeing rates of less than 1% on some instant access accounts offered by the big banks. clearly, that has to change. it s not right that mortgage holders are being made to feel the