Sunday, August 20, 2006

Record profits for banks and yet savers lose out

Savers lose as home loans rise

More than 30 banks and building societies have put up their mortgage rates in the last fortnight, some by more than the Bank of England interest rate rise, while all but a few have so far failed to pass on the benefits to their savers.

Posted by uncle chris @ 12:10 PM (539 views)
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2 thoughts on “Record profits for banks and yet savers lose out

  • While banks don’t pass on the rise to savers, there’s no incentive to save rather than spend and lower inflation.

    If I was running a bank and wanted the MPC not to raise rates again, I’d pass this rise on to savers very quickly. Goes to prove that there’s only smart individuals, there are no smart institutions.

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  • The banks don’t tie you in to your current account in the same way that you are tied in with a mortgage. Everyone has the option to switch accounts.

    Fair play to them, most bank have been running with loss leaders for a while now anyway.

    e.g. A&Ls 10% regular saver.

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