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Savers no better off
A survey by uSwitch the comparison website company has found that lenders are decreasing rates on current accounts by up to 0.99 per cent.
Lloyds have reduced their rate on its Premier Plus, Platinum Plus, Gold Plus and Classic Plus by 0.48 per cent to 3.48 per cent on balances between £1 - £2,500. The Halifax’s online provider Intelligent Finance has reduced its rate on current accounts by 0.99 per cent to 1.24 per cent.
Lloyd’s customers could see their rate cut even further as the interest rate has dropped again since the bank took the decision to lower its current account rate after the Bank of England base rate cut in October.
A spokeswoman for uSwitch said “This revenue boosting move by six providers to reduce in credit current account interest rates conveniently came in a week when headlines were focused on mortgage and savings rates. Those cynics among us could be forgiven for that, whilst attention was diverted towards the base rate decision, providers were hoping that these rate reductions would slip unnoticed under the radar.
Rates on store cards have also risen over the past few weeks with some charging as much as 30 per cent interest.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Consumer Credit Licence Number: 573287