Negative interest rates could put an end to free banking, experts warn
The TelegraphNegative interest rates could spell the end of free bank accounts, experts warned after the Bank of England gave its clearest indication yet that the controversial policy could be introduced. Sir Philip Hampton, who was chairman of taxpayer-backed Royal Bank of Scotland at the height of the financial crisis, said: "In the case where negative rates are significant and prolonged, and are charged on current accounts of ordinary earners, I think there’s likely to be a strong customer reaction and pressure to make the revenues fit the costs with more transparency. Bank of England Governor Andrew Bailey sought to play down the controversial policy yesterday, saying that Threadneedle Street was "not near and haven't addressed whether we should use them". However he added: "The way banks approach their customers won't be helped by negative interest rates.
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