Situation 'bleak' for savers
www.moneynews.co.uk > Banking > Situation 'bleak' for savers
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Money News |
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Situation 'bleak' for savers
Tue 20th Apr 2010
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Andrew Hagger, a representative from the firm, highlighted how many of the best-buy rates in the fixed-term bonds market have tumbled down in the past six months, despite the Bank of England's base rate remaining constant at 0.5 per cent.
He explained that the top rates for one, four and five-year fixed-term bonds have dropped by 0.75, 0.65 and 0.65 respectively during that time.
Mr Hagger stated that there have also been Isa right cuts and some providers have even being reluctant to accept transfers in.
"There's precious little in any of the manifestos from the three main political parties to indicate that the situation will improve after May 6th," added the expert.
The Monetary Policy committee will next vote on the base rate on May 10th to decide whether it should be kept at its current historic low.
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