One upside of rapid rate rises used to be that savers would get more money for their cash, but this is no longer the case CallumCMason and janemerrick23 report
High-street banks have been accused of not passing on rising interest rates to savers facing a cost of living squeeze, while at the same time increasing mortgage rates sharply.holders are facing a further increase in their repayments with the Bank of England, due to increase its base interest rate for the 12th consecutive time on Thursday.
Labour MP Dame Angela Eagle said the government should urge the banks to pass on the interest rates to savers quickly, “especially since their profits from interest rates have soared as rates have risen. The issue is also how slowly the banks pass on benefits to savers compared with how quickly they hike the cost for borrowers”, also told this paper that banks are still not doing enough.
Ms McDonagh said that a twelfth consecutive rise this week would make it “inexcusable” for banks not to put up savings rates “immediately”.
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