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News Tag: interest rate

August 28, 2012

Mortgages more affordable for new borrowers

by Jan Harris
Mortgages more affordable for new borrowers
Although mortgages are at their most affordable for 15 years, approvals are at an all-time low. A new report from the Halifax reveals that payments on mortgage loans now account for around a quarter of take-home pay, due to record low interest rates of 0.5 per cent and weak house prices in many areas. The Halifax expects the continuing low interest rates ...

January 25, 2012

National Savings reduces rate to safeguard competition

by Jan Harris
National Savings reduces rate to safeguard competition
National Savings & Investment is cutting the interest rate on its Direct Saver account from 1.75% to 1.5% with effect from today, because the account is too popular. Government-backed NS&I has already substantially exceeded its target to raise £2bn from savers in the 2011/12 financial year and now needs to slow the rate of deposits into its accounts in order ...

May 3, 2011

Household incomes to fall for fourth consecutive year

by Gill Montia
Household incomes to fall for fourth consecutive year
UK households face a typical £780 drop in disposable income this year, the BBC has reported. A study by Deloitte, seen by the broadcaster, argues that tax rises, government spending cuts and higher commodity prices will force inflation above its current 4% level. The financial services firm therefore predicts that 2011 will see real earnings fall for the fourth year in ...

April 28, 2011

Bank of Japan leaves interest rates on hold

by Kay Mitchell
As widely expected, the Bank of Japan (BoJ) has today left interest rates in the range of zero to 0.1%, in a bid to boost the economy following the twin disasters which hit the north-east part of the country last month. The country is battling to restore calm after an 8.9 magnitude earthquake and tsunami on 11 March. The twin disasters ...

March 4, 2011

Interest rate hike to be delayed after services data

by Kay Mitchell
According to economists, yesterday’s services sector figures could result in the delay of interest rate hikes. Growth in the UK’s closely-watched service sector slowed in February, figures revealed yesterday. The sector accounts for around 75% of Britain’s economic output. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 52.6 in February from January’s eight ...

December 21, 2010

Bank of Japan keeps interest rates at record low

by Kay Mitchell
The Bank of Japan (BoJ) has today left interest rates at almost zero, in a bid to boost the economy and continue its battle against deflation. The Japanese recovery has been faltering of late and exports, a crucial driver for economic growth, continue to slow. In addition, a strong yen could be damaging for the economy. A stronger yen has ...

October 19, 2010

People’s Bank of China surprises with interest rate rise

by Kay Mitchell
People's Bank of China surprises with interest rate rise
The People's Bank of China has today surprised markets after hiking interest rates - the first such move since 2007. The Bank has increased the one-year yuan lending rate from 5.31% to 5.56%, and the one-year yuan deposit rate to 2.5% from 2.25%. The move comes in a bid to fight stubborn inflation, as well as fears over China's ...

October 11, 2010

Ministers consider higher interest rate on student loans

by Kay Mitchell
A higher education funding review is likely to see a shake-up in the way interest is charged on student loans. The review, by Lord Browne, suggested a variable interest rate on student loans was a favoured option. Currently, students pay back their loans when they earn over £15,000 a year, at a low interest rate. The review is expected to recommend removing ...

October 7, 2010

UK interest rates and QE remain on hold

by Kay Mitchell
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to stimulate growth within the economy. Both ...

September 20, 2010

Report reveals lenders not passing on base rate cuts

by Kay Mitchell
The Bank of England's Quarterly Bulletin has revealed that High Street banks have not been passing on base rate cuts in full. Interest rates have been held at the record low of 0.5% since March 2009 (when the country was in the midst of its worst recession in decades), but despite this, banks are not passing this saving on ...

September 14, 2010

Indian inflation rate eases to 8.5% in August

by Kay Mitchell
India's inflation rate fell last month to its lowest level since January, Government data showed today. Headline inflation eased to 8.5% in August from a revised 9.8% in July - however, this partly due to a change in the way the index is calculated. The new index includes a wider range of consumer goods, such as computers, scooters and refrigerators. August's ...

August 3, 2010

Mortgage lenders hold out on large deposits

by Gill Montia
Despite a rise in the number of mortgage deals on offer, a large deposit remains essential in securing a competitive loan, both for house purchasers and remortgagers. According to research by Moneyfacts Group for the BBC, the number of mortgage products available has risen 66% so far this year, to 2,351. However, the financial researcher found that 58% of deals demand ...

July 27, 2010

India raises interest rates to combat inflation

by Kay Mitchell
The Reserve Bank of India (RBI) has raised its key interest rate from 4% to 4.5% in a bid to combat rising inflation. It is the fourth such increase this year and economists had only expected a rise to 4.25%. Inflation rose to 10.55% in June and the latest interest rate hike is a fresh attempt to fight off inflation - which ...

June 30, 2010

Sainsbury’s bumps Easy Saver rate to 2.7%

by David Masters
Sainsbury's bumps Easy Saver rate to 2.7%
Sainsbury's Finance has boosted the interest rate on its Easy Saver account for new customers. Interest on accounts opened after 25th June 2010 will be paid at 2.7% Gross AER, an increase of 0.2 percentage points on the previous rate. The 2.7% rate will be paid to new customers for 12 months provided they maintain a balance between £1 and £100,000. Customers can ...

May 19, 2010

Interest rate hikes take their toll on Australian consumers

by Kay Mitchell
A survey by Westpac bank and the Melbourne Institute has revealed that Australian consumer confidence has been hit by the recent hike in interest rates. The study, which questioned 1,200 people, found that consumer morale in May fell for the second consecutive month - by 7% to a reading of 108. This represented the biggest monthly fall since autumn 2008 ...

May 14, 2010

Students to face higher interest rates on loans

by Kay Mitchell
The Russell Group, which represents 20 elite, research-intensive universities, has suggested that graduates may have to start paying back their student loans earlier and at a higher rate of interest, in order to prevent a major funding crisis. Following an official review of student finance and fees, the group warned that the financial sustainability of the UK's top universities was ...

March 17, 2010

Savers “disillusioned” with ISA returns

by David Masters
ISA investors are "disillusioned" with the returns they are receiving on their savings, Barclays claimed this week. The bank blamed the frustration on historically low interest rates. The 0.5% base rate has caused many investors to rethink their approach to the financial marketplace, Barclays said. Research by the bank found more than two-thirds (72%) of investors have changed their outlook because of the low interest rate environment. A similar number (72%) ...

January 4, 2010

Savings continue to fall as consumers opt to repay debt

by Kay Mitchell
Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment. According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November. The BSA said there was a net withdrawal of ...

November 9, 2009

PwC expects hike in bad credit card debts

by Kay Mitchell
A study called “Precious Plastic” by accountancy firm PricewaterhouseCoopers (PwC) has found that while there has been a "cooling passion" for credit cards, bad credit card debts could jump as much as 9% of all outstanding balances by the end of 2010. According to Richard Thompson, a partner at PwC, over the last year, “there has been a cooling passion ...

September 2, 2009

Santander to close 6% current account

by David Masters
Santander plans to discontinue the 6% current account at its UK banks. The 6% + 6% offer, which pays new Abbey and Alliance & Leicester customers 6% interest on their current account and on monthly savings, will close later this week. Savers taking maximum advantage of the offer could earn nearly £250 interest in the next 12 months. "This cracking deal is about to ...