Saving could be made easier... in one switch, says JEFF PRESTRIDGE
Banks are primarily in business to make juicy profits, a big chunk of which is then passed on to shareholders in the form of dividends as a way of saying thank you for their continued support as investors. Savings rates: The big banks have long given up on giving most customers a fair deal If Bank Base Rate is hiked up this week as some believe it will be, I bet you a four-fingered bar of Kit Kat that most will not pass on the full increase to savers. It is currently paying 1.35 per cent on its easy access Internet Saver account, a rate good enough to catapult it into our best buy table. If such a rate were given the green light, the regulator’s research indicates that long-standing savers could benefit to the tune of £300million per year in higher interest payments – with the big banks footing most of the bill. A possible hike in the base rate next week does not mean banks will automatically pass on the full increase to savers Given the regulator has said it would be for individual savings organisations to set their own basic rate, I am sure most of the banks would respond by establishing it at the lowest level they could get away with.
Getting a measly interest rate on your savings? Here's how to score a better deal
Reserve Bank interest rate cut could see you get less money back on your savings
Tough times for savers; bank deposit rates, small savings rates could be lowered
Discover Related
Small savings interest rates: Check latest PPF, SSY and others
US Fed keeps interest rates unchanged: Key takeaways from the meeting
Tips on How to Open a Savings Bank Account Online
Why are the banks waiting to pass on the Reserve Bank's rate cut?
UK inflation spikes to a 10-month high, likely to worry the Bank of England
UK inflation spikes to a 10-month high, likely to worry the Bank of England
Why the Reserve Bank poured cold water on future interest-rate-cut expectations
Why the Reserve Bank has little option but to cut interest rates
Reserve Bank cuts interest rates for the first time since November 2020
FinMin May Lower Small Savings Scheme Rates In FY26, Says Report
RBI rate-cutting cycle begins; are personal loan interest rates headed for fall?
RBI kicks off rate cut cycle—what it means for borrowers and markets
Interest rates: What does a 0.25% cut mean for your mortgage, savings and bills?
How Federal Reserve's interest rate pause will impact regular American wallets
The Federal Reserve holds interest rates steady as inflation remains stubborn
Rate cut chances increase after inflation slows in final quarter of 2024
Bank of Japan raises interest rate to about 0.5%, citing higher wages, inflation
Bank of Japan raises interest rate to about 0.5%, citing higher wages and inflation
Savings rates in the Netherlands continue to decline
National Savings Certificate: Know the latest rate and tax benefits