Big banks cut interest rates on current account savings

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Big banks cut interest rates on current account savings

Six major high street banks cut the rates of interest on money held in current accounts last week, in some cases by as much as 0.99 per cent.

The rate cuts by Halifax, Nationwide, Intelligent Finance, Lloyds TSB, Norwich and Peterborough Building Society and Coventry Building Society could mean that customers holding current accounts with these banks earn less money in interest.

While the majority of the banks making the cuts reduced their interest rates by 0.5 per cent on their flagship current accounts, Intelligent Finance went further and reduced the rate by 0.99 per cent.

Louise Bond, personal finance manager at uSwitch.com, criticised the move as unfair because the same banks were slow to make reductions in their rates of interest for borrowers.

Ms Bond said: "Consumers have faced rocketing loan rates, increases to mortgage tracker rates and minimal SVR reductions in response to the base rate cuts."

Although the Bank of England reduced the base rate of interest by 1.5 per cent last week, some banks have yet to decide whether they will pass on the benefits of this cut to those seeking mortgages or personal loans.

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