While savers have long known there’s little that High Street banking providers can offer them, now it seems that borrowers are being told to look elsewhere too.
If you’re trying to grow your savings pot at the moment, expect no help from any quarter – both the Bank of England and High Street banks are not listening.
Not that anyone will be particularly surprised by this, but it turns out that the Big Five banks in the UK are horrid when it comes to customer service.
If you’re looking for a way to grow your savings pots in the current economy, good luck to you: banks and building societies are slashing rates left and right!
Savers have been consistently socking money away for the future in greater numbers, it was recently revealed, yet banks are doing little to help them.
Unless you’re a glutton for punishment, you’re most likely tired of having to play games with your savings accounts when the bonus interest rate falls off.
Rising inflation and Chancellor George Osborne’s latest Budget have coincided to make things just that much harder for savers trying to put money aside.
Banks in the UK have begun to raise the rates of return on many of their savings accounts in an attempt to placate savers tired of trying to find good deals.
Well it finally happened – the EU is taking steps to strip away massive bonuses awarded to bankers, and the UK’s High Street lenders are up in arms in fear.
The Bank of England has gotten a reputation for throwing savers to the wolves, and now I’m afraid I have to break the bad news: things could get even worse.