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Bank charges: savers’ interest rates cut

Consumers are facing a drop in interest through their savings accounts as banks cut their rates following the Funding for Lending Scheme (FLS).

Since the start of the month 16 banks and building societies have reduced interest rates on their savings accounts.

Comparison website found that the average cut to interest rates is 0.4 per cent. This is an increase from 0.34 per cent in the previous month. They also discovered that in 14 building societies, savings products are being restricted.

The FLS has provided banks with £80 billion to allow them to lend to consumers and small businesses more easily.

As a result, mortgage approval figures in December rose to 55,578 from 54,011 in the previous month. However, because banks no longer need to rely on savings accounts to generate revenue, competition for interest rates on savings has decreased.ADNFCR-2776-ID-801531508-ADNFCR

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