<>
<>
<>
Banks are charging more but paying less interest on savings
Customers have already seen charges on credit cards and loans rise
significantly in recent months, while the interest paid on their savings and
balances has plummeted.
But as banks that lost billions in the credit crisis seek to repair their own
finances, analysts are predicting further increases in the cost of everyday
accounts and financial products.
According to research for The Daily Telegraph, the average family with
credit card debts, loans, current accounts and savings has been £163 worse
off over the past year due to the rising cost of banking. The study predicts
that these families will be a further £200 worse off over the next 12
months. The figures exclude the cost of home loans, with many mortgage rates
having risen recently despite the Bank Rate at a record low.
It means some banks are enjoying their biggest profit margins in decades.
But analysts said yesterday that banking charges would continue to rise, as
financial institutions that have already received billions of pounds from
the Government sought …
Read the original article at Telegraph
Related Posts
Tags: account, Banks, Car, Cards, Credit Cards, debt, England, finance, financial, loans, money, mortgage, pay, rent, savings, UK
