saving vs debt

marsden_pete

why is it that as soon as intrest rates go down banks are quick to cut the rate of savings but not so quick to cut the % on credit cards and morgages?

im trying to save for a house but have a fair bit on credit cards, which im work at to clear. iv NEVER knowen my credit card companies to pass on the cuts in intrest but were very quick when it went up.

Is there anything i can do to get my credit cards % cut other than what martin suggests already as have done all that.

Lokolo

No. The Bank of England doesn't force the rates onto banks. The banks are expected to follow the base rate. However they hardly ever do.

Theres nothing you can do but hope that banks do pass on this rate.

If nothing happens soon I imagine the Bank of England will start forcing the rates onto the banks.