Saga: Rate cut will benefit some, but not others
www.moneynews.co.uk > Mortgages > Saga: Rate cut will benefit some, but not others
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Saga: Rate cut will benefit some, but not others
Fri 6th Mar 2009
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That is the opinion of over-50s specialist Saga, which said that the decision is particularly bad news for those relying on savings to support their retirement.
Savers have become the "innocent victims" of the Bank of England's decisions, Saga claims, with interest rates falling from 5.75 per cent to 0.5 per cent in the space of 18 months.
"With people now having even less interest from their savings to spend as disposable income and put back into the economy, the rate cuts have had limited effect other than supporting those on variable rate mortgages," argued Roger Ramsden, chief executive of Saga Personal Finance.
The current interest rate is the lowest it has ever been set and marks a drop from one per cent in February - a cut that will be welcomed by homeowners on tracker mortgages.
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Related News : Saga |
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