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14/05/2002
Banks challenged to end customer rip-off
Consumer magazine group Which? has issued a call to the "big four" banks to address what it describes as the "£500 million rip-off" of customers on the high street.
As the latest move in the consumer group's "No Interest" campaign, Which? is calling on Barclays, Lloyds TSB, HSBC and Natwest to increase the rate of interest on accounts in credit to 2% from the "paltry 0.1% interest" that is currently paid to customers.
Which? also called for overdraft rates to be cut to 10% - which is around half the rate currently charged by the four banks.
The consumer group also aims to challenge public indifference to switching current accounts for better conditions, citing government figures which show that only 6% have changed accounts in the last five years, despite the wealth of possibilities on offer. It has been calculated that if 70% of customers switched allegiance away from the "big four," total savings could reach £500 million.
Helen Parker, editor of Which? said: "Because most people don't switch, the big banks have no reason to change. But customers have the power to make the banks take notice."
(CL)
As the latest move in the consumer group's "No Interest" campaign, Which? is calling on Barclays, Lloyds TSB, HSBC and Natwest to increase the rate of interest on accounts in credit to 2% from the "paltry 0.1% interest" that is currently paid to customers.
Which? also called for overdraft rates to be cut to 10% - which is around half the rate currently charged by the four banks.
The consumer group also aims to challenge public indifference to switching current accounts for better conditions, citing government figures which show that only 6% have changed accounts in the last five years, despite the wealth of possibilities on offer. It has been calculated that if 70% of customers switched allegiance away from the "big four," total savings could reach £500 million.
Helen Parker, editor of Which? said: "Because most people don't switch, the big banks have no reason to change. But customers have the power to make the banks take notice."
(CL)
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Small firms accuse big banks of 'dragging their feet'
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Bank likely to leave interest rate unchanged
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08 January 2004
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
