You are here: Home - Saving & Banking - News -

Savers await rate cut

Written by:

Many banks and building societies are still undecided on whether to implement December’s cut in the Base Rate according to

Following December’s Base Rate cut of 0.25%, 89 mortgage lenders reduced their borrowing rates while 18 failed to pass on the full cut. According to, an additional 10 lenders including Skipton Building Society and Manchester Building Society, are yet to announce a change.

Out of 116 savings providers, 12 have not announced a drop in their rates since the December cut. Of these, only Cumberland Building Society has announced a rate commitment to their savers guaranteeing not to change their rates until April 2008. According to, 22 providers including HSBC, Alliance & Leicester and Halifax have cut some rates on their accounts by more than the Base Rate’s quarter point reduction.

Julia Harris, analyst at, said: “Despite the festive period, we would have expected the dust to have settled by now, with most lenders and savings providers having made a decision. But some lenders and savings providers are still undecided, with mortgage borrowers continuing to be charged at a potentially higher rate, while some savers may be happily sitting on higher than expected return.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Insurance advice for weather-beaten Scots

Following recent storms in Scotland, Halifax has issued advice to homeowners aiming to prevent weather-related damage to their property.