Am I being cynical or is there a genuinely economic reason for borrowing rates to go up the minute they press the button, when savings seem to rise like lead balloons?
2006-11-09 03:39:21 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
They do, but the banks and building societies delay as long as they can. Ive got a Chelsea Building society postal savings account which is guaranteed to be 0.6% above the Bank of England base rate. So it will automatically rise from 5.35% to 5.6% now that the new rate applies. I dont know if it is still available to new savers though.
2006-11-09 03:58:51 · answer #1 · answered by David H 6 · 1⤊ 0⤋
Savings rates do go up, eventually.
Yeah it's slower than the borrowing rates change but banks are businesses not charities.
2006-11-09 08:07:00 · answer #2 · answered by phooey 4 · 0⤊ 0⤋
100% correct!!
YEP THEY SHOULD!!!
But thats Capitalism for you, Money Money Money
for the big Banks, fupp the people.
Why give us more? when were happy as sheep taking what were given...
Its like cheques taking 5 days to clear! like fu*k,
they make the interest / invest with the money for that period!!
Greedy Buggers!
2006-11-09 03:51:57 · answer #3 · answered by Banderes 4 · 0⤊ 0⤋
Banks are controlled by people that want to make as much money from you as they can. They are not going to give you anything until they have to.
2006-11-09 03:48:48 · answer #4 · answered by Jabberwock 5 · 0⤊ 0⤋
every time the base rate goes up the banks do increase savings rates......
2006-11-09 08:04:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Banks are businesses and their aim is to maximise their profits. It is for you the customer to identify the most ethical ones and support them.
If we cannot be bothered to do that, we deserve what they dish out to us.
2006-11-09 11:39:53 · answer #6 · answered by Anonymous · 0⤊ 1⤋
wish i had some savings so that i could get bothered about it, but i don't.
2006-11-09 04:01:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋