Property News · August 13, 2016

Interest rate cut: what now for savers and borrowers?


We look at which savings accounts have been hardest hit, who is still offering decent rates, and where to go to get the best mortgage dealHow low can they go? There wasn’t much fat left to trim, but savings rates are now being hacked back even further following the interest rate cut – and some banks and building societies are penalising savers by cutting their rates by more than the base rate reduction. Worryingly, some institutions have also been quietly withdrawing their regular savings accounts, which offer decent payouts, from sale.Those chopping some of their rates by more than the 0.25% cut announced nine days ago include First Direct and Tesco Bank – although many of the big players have yet to declare their hands. Several providers have pulled accounts for new customers and relaunched them with much lower rates. Guardian Money is aware of at least one bank that has slashed some of its savings rates for new customers by more than 1%. Continue reading…

Source : theguardian.com
Read more…Interest rate cut: what now for savers and borrowers?

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