UK Money News
11th February 2008
Lenders seek to dodge interest rate cut
A number of savings account providers have cut interest rates on their products by considerably more than the Bank of England's base rate reduction, it has been reported.
Last week, the Bank of England's monetary policy committee trimmed the base rate of interest by 0.25 per cent to bring it down from 5.5 per cent to 5.25 per cent.
However, according to a report from Financemarkets.com, the rates on certain accounts have dropped by much more.
The paper highlights the example of over-50's finance specialist Saga, which has chopped the rate of its one-year fixed-rate account by 0.85 per cent, bringing the rate down from 6.35 per cent to 5.50 per cent.
Meanwhile, National Counties have reduced the return on its one-year fixed rate account by 33 per cent.
Further disproportionate cuts could be due from lenders later this year if the Bank acts according to analysts’ expectations and cuts the base rate twice more during 2008.
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