The UK’s biggest banks are refusing to commit to passing on the recent interest rate increases to savers, despite making bumper profits 🔴 gracegausden93 reports
The six largest financial firms in the country, when asked, were unable to confirm they would pass on last week’s rate rise of 0.25 percentage points. Instead they saidSince December 2021 the base rate has increased from 0.1 per cent to 4.25 per cent, whereas the average easy-access savings account has only moved from 0.2 per cent to 1.85 per cent.
“This is a much better outcome for the banks than for savers. The problem comes as they know they don’t have to treat customers fairly to retain business. One way of forcing a change is for customers to move their money as banks would have to fight harder to raise the funds they need.” The Bank of England operates a Reserve Account and most banks have one of these. The Bank will pay the base rate on this, meaningas the Bank of England pays a more favourable rate than banks do for their clients.
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