August 29, 2014

Interest rate rise speculation sees savers withdraw £43bn

Speculation of an increase in interest rates saw UK savers withdraw £6.6bn during December from fixed-rate and notice bank accounts. Quoting Bank of England figures, The Sunday Times report that over the course of last year, savers withdrew £42.6bn from respective bank accounts and have been transferring funds to accounts paying little interest but have a smaller number of restrictions.

Savers are reportedly hoping to capitalize on new ‘deals’ from banks and building societies, should interest rates increase.

 

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