Britons 'baffled' over savings rates

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Britons 'baffled' over savings rates

Mon 6th Apr 2009

British savers have been left puzzled by a succession of cuts to interest rates, it has been claimed.

According to uSwitch.com, 2.6 million savers in the UK believe their providers have not given them enough information on how reductions in the base rate of interest have affected their accounts.

A survey by the website found that 54.6 per cent of savings account holders do not know what the level of interest they currently receive is.

Nearly a quarter (23.6 per cent) have lost track of how the Bank of England's cuts have affected their rates, while 16 per cent admit that interest rates are now so low they barely even check how they have been affected.

The Bank of England's monetary policy committee meets this Thursday to set the base rate of interest for April. The current rate is 0.5 per cent is the lowest in the history of the central bank.

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