Savings Interest Rate Increase

fergal007 · 10 March 2009 at 9:24PM

I have recently petitioned Downing St requesting that government owned banks like RBS and HBos and their subsidiaries increase interest rates for savers. Why not join my petition, please?

http://petitions.number10.gov.uk/Savings-Increase/

Together, we might just do something!

fergal007 · 10 March 2009 at 9:24PM

Sounds good, eh?

Reaper · 10 March 2009 at 9:55PM

No

The government has bullied banks into lowering rates when they didn't want to.

Banks would prefer high rates to encourage savers and discourage lending and thus help balance their wobbly books.

The government, however, has forced the banks to do the opposite to stimulate the economy. In view of that on a scale of 0 - 10 how much chance do you think there is of government controled banks stepping in and nicking all the commercial banks customers by putting up interest rates?

Another daft petition headed for the bin.

masonic · 10 March 2009 at 10:28PM

As this is basically a handout from the taxpayer to those people drawing an income from cash savings, perhaps it would be better simply to increase the savings allowances on means tested benefits to reflect the reduction in rates. That way, at least the taxpayer will be spared from subsidising those people with a decent income who also happen to be sitting on a pile of cash.

Savings Interest Rate Increase

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