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STOP PRESS... Bank base rates cut by 0.5% to record low of 1.5%
Posted January 8th 2009 by Diane

  

It may be sub-zero outside but inside, it's hardly any warmer for savers.

 

According to Moneyfacts:

The average savings rate on a no notice account now stands at just 1.48%*, with 38%* of the accounts paying a rate of 1% or less. (*Figures based on a £5K balance as at 7th January).

AND that is before today’s 0.5% further base rate cut just announced.

At some point, surely, your clients must be thinking that there are better places for their money (ie funds of some description) rather than the bank.

If you would like more information on the article above or would like to speak with one of the team call us free on 0800 652 5636.

 

The views given in this blog are those of mortgages4me, a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority.  These views are market and economic views and should not be interpreted as giving advice.  Whilst every care has been taken in producing this blog, Smith & Pinching Financial Services Ltd will not be held responsible for any inaccuracies, omissions or misquotations.  Registered office: 295 Aylsham Road, Norwich, Norfolk, NR3 2RY.

Registered in England No. 3487726. Registered Office, 295 Aylsham Road, Norwich, NR3 2RY. mortgages4me is a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority. Our FSA registration number is 186616. You can verify this and other information by checking the FSA's register at their website www.fsa.gov.uk.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Think carefully before securing other debts against your home or property, as it essentially becomes security for those debts and may be repossessed if you do not keep up repayments on your mortgage. If you transfer a relatively short term debt to a longer term, you may pay back more interest in total.

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