Bank of England could turn interest rates NEGATIVE as part of efforts to prop up the economy amid coronavirus crisis, says governor Andrew Bailey Bank of England governor Andrew Bailey has been giving evidence to MPs He said it would be ‘foolish’ to rule out turning the Bank interest rate negative The UK government has … Read more
Savers were potentially handed more bad news today with the Bank of England suggesting base rate could remain close to historically low levels over the next few years. While policymakers kept the base rate, which helps determine borrowing and savings rates, at 0.1 per cent today, it forecast it could increase to just 0.2 per … Read more
Santander unleashes another 123 current account rate cut on the SAME DAY another one bites, costing customers hundreds of pounds in lost interest Santander today cut the interest rate on 123 accounts from 1.5% to 1% It has handed savers more bad news with a cut to 0.6% in August Savers with £20,000 in the … Read more
Banks are set to make more than £600 million in extra interest paid by cash-strapped homeowners taking mortgage holidays, Money Mail can reveal. Campaigners say the vast profit lenders will make from the crisis is ‘disgraceful’ and are demanding they scrap additional interest charges. The breaks are seen as a lifeline for borrowers facing financial … Read more
An increasing number of savers with large pots are turning to platforms as they look to safely spread their money across multiple accounts to benefit from savings protection amid market turmoil caused by coronavirus. Savings platforms Flagstone, Hargreaves Lansdown Active Savings, Octopus Cash and Raisin allow savers to open accounts of different lengths with multiple … Read more
Landlords suffered a triple-whammy hit this week as three popular tax reliefs were axed or scaled back as the new tax year began. Mortgage interest tax relief, capital gains tax exemptions for ‘accidental’ landlords – those who held onto homes they once lived in – and letting relief were all cut. The raid came as … Read more
Savers face more misery as interest rate cut looms… but mortgages could get EVEN cheaper By Hugo Duncan for the Daily Mail Published: 21:52 BST, 15 January 2020 | Updated: 21:52 BST, 15 January 2020 Long-suffering savers are braced for a further hit to their nest eggs as pressure mounts on the Bank of England … Read more
The last 5% savings deal goes up in smoke: Nationwide cuts its FlexDirect current account interest to 2% – and 22 other rates are also hit FlexDirect paid 5% interest for a year on balances of up to £2,500 It helped the building society gain nearly 550,000 switchers in 6 years It will be cut … Read more
Barclays was last night accused of charging struggling firms up to 12 per cent interest on Government-backed crisis loans. Major banks have also come under fire for telling company directors their personal assets will be seized if their businesses fail. The Coronavirus Business Interruption Loan Scheme was launched by 40 lenders on Monday as part … Read more
‘Cuts are inevitable’: Savers warned to prepare for another reduction in interest after base rate change Most banks and BS will start cutting rates in ten days’ time, expert says They will account for two changes in Base Rate, that has been cut to 0.1% By Jeff Prestridge for The Mail on Sunday Published: 22:59 … Read more