UK Money News
28th March 2008
Savers profiting at expense of borrowers
People with significant savings are profiting from the current economic climate while poorer consumers are set to continue to struggle, it has been claimed.
Research conducted by price comparison site moneysupermarket.com shows that both savings and loans rates have been consistently climbing since July - despite two interest rate cuts from the Bank of England since then.
This development has meant that while those who use loans to manage their money are facing ever spiralling repayment costs, consumers with savings are enjoying better returns on their money.
Kevin Mountford, head of savings and current accounts at moneysupermarket.com, said: "Back in July, [savers] were barely getting any return above the base rate, but now they are consistently seeing rates one per cent or more above the Bank of England's figure.
"Banks know they need to increase their level of savings so they are now fighting for new customers."
Moneysupermarket.com claims that since September rates on the best loans have gone from an average of 6.56 per cent to 7.34 per cent.
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