Barclays offers to protect savers
www.moneynews.co.uk > Banking > Barclays offers to protect savers
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Barclays offers to protect savers
Fri 6th Mar 2009
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The Bank of England reduced the rate of interest to 0.5 per cent - a cut of 0.5 percentage points - this week.
It marked a drop on what was already the lowest interest rate since the establishment of the central bank in 1694.
The news is set to benefit mortgage holders on tracker rates, but savers are less likely to be pleased as it will impact on their interest payments.
However, Barclays has said that it will maintain interest rates on savings accounts at the current level.
"While mortgage holders are thrilled to see a historically-low base rate, savers are suffering - and it is important that the needs of both groups are balanced," said Mark Parsons, managing director of mortgages, current accounts and savings at Barclays.
Click here for more banking news
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Related News : Barclays |
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