Interest rates 'leave savers worse off'

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www.moneynews.co.uk > General finance > Interest rates 'leave savers worse off'

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Interest rates 'leave savers worse off'

Experts have said that the cut in rates by many leading banks, including Lloyds TSB, HSBC and M&S Money, have left savers "out in the cold".

According to Michelle Slade, an analyst at Moneyfacts.co.uk, people with savings accounts were hoping that because mortgage lenders were refusing to lower interest rates for borrowers, they might remain high for savers as well.

However, she said that cuts from many leading high street banks mean that there are now almost no savings accounts that pay over six per cent interest and 52 per cent of all accounts pay an interest rate of two per cent or less.

Ms Slade added: "It is now more important than ever that savers review the rate they are getting as […] they could be left seriously out of pocket."

Last week analysts at uSwitch.com said banks which cut their savings rates like Norwich Union and Capital One were demonstrating their willingness to act fast "when it suits their purposes".

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