News Tag: base rate cut
March 9, 2009
Last week's base rate cut to 0.5% was a 'kick in the teeth' to savers, the Building Societies Association (BSA) said.
Savers "will see their already diminished interest payments fall even further," said Adrian Coles, BSA director-general.
The Bank of England cut rates to a new record low of 0.5% on Thursday in an effort to stimulate the UK economy ...
Savers ‘kicked in the teeth’ by rate cut
by David Masters
February 6, 2009
The Council of Mortgage Lenders has responded to yesterday's cut in the base rate to 1% by saying that "it is unlikely to have a material effect on the overall state of the mortgage market".
The Council's director general, Michael Coogan, agrees that borrowers on tracker rates will welcome the reduction but says it is doubtful whether the move "will ...
Base rate cut unlikely to boost mortgage lending
by Gill Montia
February 4, 2009
Nationwide is reducing interest rates for its offshore savings accounts.
The building society's offshore subsidiary announced that the interest rate paid to customers with over £25,000 in a Sterling Base Rate Tracker account will drop from 4.15% to 3.25%.
Customers with a balance less than £25,000 will see their interest rate drop from 3.6% to 2.7%.
Interest paid to customers holding a Nationwide instant access ...
Nationwide reduces offshore interest rates
by David Masters
February 2, 2009
Nationwide Building Society has announced interest rate cuts on the majority of its current accounts.
Nationwide said the change follows the Bank of England's base rate cut last month.
The building society assured savers that none of the cuts will be more than 0.5%, and that some of the cuts will be less.
On average, Nationwide savers will now be paid an average of 0.41% ...
Nationwide cuts interest on savings
by David Masters
January 12, 2009
Last week's cut to the base rate of interest has rallied the strength of the pound against key currencies.
The Bank of England cut rates by 0.5% to 1.5%, the lowest for over 300 years, but not as drastic a cut as some analysts had anticipated.
As a result, the pound strengthened against the US dollar and the Euro, up to €1.12 or ...
Small base rate cut strengthens sterling
by David Masters
January 8, 2009
Leeds Building Society has reassured savers that its Inflation Buster Bond will continue to pay a guaranteed rate of interest, despite today's 0.5% base rate cut by the Bank of England.
The building society's Inflation Buster Bond and ISA guarantee an above-inflation exchange rate.
Leeds's interest rate is calculated using the Retail Price Index (RPI), which measures the official consumer inflation ...
Leeds guarantees interest rate on Bonds and ISAs
by David Masters
