Interest rise could prompt households to cash in savings
www.moneynews.co.uk > Mortgages > Interest rise could prompt households to cash in savings
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Interest rise could prompt households to cash in savings
Tue 16th Aug 2011
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Over half of repondents (57 per cent) with a mortgage would use the savings to pay off the effect of any increased monthly payment in their home loan, while 45 per of those without a home loan would use them to pay off household bills.
The research showed the BoE was correct not to increase interest rates at the last Monetary Policy Committee meeting on August 4th, according to Legal and General's executive director of savings Mark Gregory.
He added: "In the current economic climate with high inflation, higher fuel prices and rising food bills eating into household finances, it appears that a rise in the BoE savings rate could push some households' savings down."
Meanwhile, Skipton Building Society launched a new savings product yesterday (August 15th) with a four per cent interest rate. In a bid to encourage savers to meet their long-term goals, no withdrawals are permitted within the first 12 months of opening the account.
Click here for more banking news
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Related News : Legal and General |
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