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Banks slow in passing on base rate increases

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by Kay Mitchell

It has been reported that banks are too slow in passing the base rate increases to savers. According to moneysupermarket.com, the price comparison site, nearly half of providers have not yet applied rate hikes following the Bank of England’s decisions.

None of the big four banks (Barclays, HSBC, Lloyds TSB and Natwest) has made any statements about increasing their savings rates, leaving them at the bottom of the best-savings-rates tables.

Chase de Vere, the UK’s leading independently-owned mortgage broker, commented that the delay in announcing any decision on rates was typical of banks. The ones who are passing on the full rate rise are announcing their decision quickly to avoid you switching away.

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News posted: August 6, 2007

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