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Savers uncertain about gaining from interest rate rise

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by Kay Mitchell

According to research undertaken by Tesco Savings, only a third of people were confident that the interest rate rise earlier this month would have an affect on their savings accounts.

Many questioned in the Tesco survey said they were doubtful that the latest increase to 5.75% would be passed on.

In addition, almost 50% of all instant access savers involved in the survey were unsure of the rate applied by their savings provider. According to Jeremy Sutton, head of Tesco Savings, the results of the survey are not surprising.

He commented that savers are losing confidence because the number of providers to pass on full base rate increases has been slowly declining.

A recent report by Sainsbury’s Bank indicated that savers in the UK are losing out on billions of pounds worth of interest by not putting their money into the most profitable accounts.

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News posted: July 11, 2007

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