High street banks are continuing to offer meagre savings rates compared with rival challenger banks and building societies, Which? research has found. The research comes a few months after the Financial Conduct Authority put banks on notice and members of the Treasury Select Committee delivered a scathing verdict on savings rates offered by the biggest […]
Danielle Richardson, Which? Money Expert, said: “This rise in the base rate will impact both homeowners and savers. Borrowers on fixed mortgages won’t see any change to their repayments, but anyone on a tracker or variable rate could see their payments increase. “To protect yourself from paying more if the base rate rises again in […]
David Blake at Which? Mortgage Advisers said: “It’s good news for people with a mortgage that there hasn’t been a base rate rise today. That said, as many as a third of people are unaware of the interest rate they’re paying on their mortgage, so many could be unprepared for how an increase would impact their […]
Which? executive director Richard Lloyd said: “While today’s data shows that some banks are using the Funding for Lending Scheme, it remains unclear whether this cheap finance is being passed on to the people who need it the most. “There must be more transparency about how this subsidy is being used and clearer rules to ensure more borrowers […]