Don't Bank On Fair Deals ; Are Savers Getting Their Just Rewards? The Verdict May Shock You Money Mail
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Summary
LEADING banks and building societies stand accused of treating savers unfairly. Since November last year Bank of England base rate has risen by 0.75 points to 4.25 pc. But many savers have seen much smaller rises. Here, Money Mail's savings expert SYLVIA MORRIS considers the evidence and passes judgment on whether banks and building societies are boosting profits at the expense of savers.
DON'T think that rising interest rates mean you'll automatically benefit.See the full content of this document
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Don't Bank On Fair Deals ; Are Savers Getting Their Just Rewards? The Verdict May Shock You Money Mail
How much banks and building societies pass on depends on the account you are in and, often, the amount of money you have in your account.
Savers stuck in old-fashioned notice accounts often take the biggest hit. In these, they have to give several weeks' or months' notice if they want to get out - or pay a penalty if they want their money immediately. So banks can award puny rises knowing you're powerless ...See the full content of this document
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