UK Money News
10th March 2008
Lenders trim interest rates on current accounts
A number of UK lenders have sought to safeguard their profits by cutting the interest rate offered on their current accounts, new research suggests.
Latterly, the Bank of England has moved to cut interest rates twice by 0.25 per cent on each occasion.
According to a study of the market conducted by price comparison website Moneyfacts.co.uk, this has prompted some providers to reduce credit interest rates.
Samantha Owens, head of personal finances at Moneyfacts.co.uk, said that this was unfair given the same lenders reluctance to pass on the benefit of the three increases in interest rates to their customers during 2007.
She commented: "Institutions such as Nationwide BS, Smile and Intelligent Finance have been quick to cut their credit interest rates in the last two base rate cuts, but failed to pass on the benefit of the previous three base rate increases to their customers."
Ms Owens' comments come after mortgage providers came in for heavy criticism this year for not passing on the benefit of the cuts to the interest rate in full to their clients.
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