Intelligent Finance cut rates

Stompa

http://www.if.com/rates/currentsavings.aspx

derrick

Current account down to 0.10%

Stompa

derrick wrote: »

Current account down to 0.10%

Could be worse, I read somewhere that Nationwide have cut some accounts to 0%.

opinions4u

Stompa wrote: »

Could be worse, I read somewhere that Nationwide have cut some accounts to 0%.

Which raises an interesting question should the BofE cut rates further.

If the government uses the same strong arm tactic with lenders to get them to reduce mortgage costs, how will they fund it if they can't cut rates for savers and bankers any further?

1) Remove many mid paying accounts and cut them to 0%?
2) Remove the top paying "attraction" accounts and kill the savings market stone dead?
3) Introduce transaction charges and quarterly fees on low balance / high transaction accounts?

Any other ideas?

Gemmzie

It's a pity about the current account, it used to be a real market leader. However, for it's linked savers and lack of interest charges, I'm sticking around for now.