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Barclays vows to protect savers against rate cuts

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by David Masters
Barclays vows to protect savers against rate cuts

Barclays has vowed to protect its savings account holders following the Bank of England’s base rate cut last week.

The interest rate on Barclays savings accounts will be held unchanged despite the Bank of England cutting the base rate to a new record low of 0.5%, the bank said.

The bank also pledged to help borrowers by passing on the full rate cut to tracker mortgages customers at its mortgage business, Woolwich.

Mark Parsons, Barclays managing director of mortgages, current accounts and savings, said: “We recognise the difficult position many households are in at this time of financial uncertainty.

“Whilst mortgage holders are thrilled to see a historically-low base rate, savers are suffering – and it is important that the needs of both groups are balanced.”

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News posted: March 9, 2009

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