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Malc.27
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Pembroke U.K.
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09-02-2016, 03:05 PM
1

Interest rates?

The banks state that interest rates (on savings accounts or credit cards) are linked to the Bank of England base rate - However the 'Base rate' hasn't changed for years, but interest rates on our savings are regularly being reduced and interest rates on 'Credit cards' etc are regularly increased.

Malc.
dukeofearl
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09-02-2016, 03:50 PM
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Re: Interest rates?

Yes Malc, The Bank of England announced last year that interest rates would be going up. As a result the crafty banks lowered their saving rates so that when the expected rise took place , they could just raise rates back to what they were and pocket the new increase lending rate.

However the rate rise never happen, so deep joy the banks win again.
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09-02-2016, 03:53 PM
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Re: Interest rates?

Thank goodness for that. Poor things are probably down to their last £100billion

Goodness only knows what will happen when interest rates rise for borrowers. Housing crash I suppose; people posting their house keys back through bank letterboxes
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09-02-2016, 05:09 PM
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Re: Interest rates?

Originally Posted by dinahsmum ->
Thank goodness for that. Poor things are probably down to their last £100billion

Goodness only knows what will happen when interest rates rise for borrowers. Housing crash I suppose; people posting their house keys back through bank letterboxes
Then again I remember not so long ago when I had zero savings and a lot of mortgage and the Bank Rate I believe was 17%, I survived .
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09-02-2016, 07:37 PM
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Re: Interest rates?

Originally Posted by dukeofearl ->
Then again I remember not so long ago when I had zero savings and a lot of mortgage and the Bank Rate I believe was 17%, I survived .
Same here.
 

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