Which?: "Banks can't have their cake and eat it"

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www.moneynews.co.uk > LloydsTSB > Which?: "Banks can't have their cake and eat it"

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Which?: "Banks can't have their cake and eat it"

Consumer website Which? has issued a statement calling on banks to treat their customers fairly before the Bank of England announces a new rate of interest later today.

With experts widely predicting that the Bank of England will cut the base rate of interest further by between 0.5 and one per cent, Which? has criticised banks' practise of not passing the benefits of the cuts onto mortgage holder because savers may suffer.

Which? said in a statement: "Many banks are offering rates as low as 0.1 per cent on savings accounts so for them to say they are looking out for savers by not passing the rate cut onto borrowers is a hollow argument."

Some mortgage-lenders, including Lloyds TSB and its subsidiary Cheltenham & Gloucester Building Society, have already announced that they will pass on any base rate cut to their customers.

Click here for more banking newsADNFCR-323-ID-18962622-ADNFCR

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