2% interest rate rises for UK banks

2% interest rate rises for UK banks

September 30, 2021 Comments Off on 2% interest rate rises for UK banks By admin

A 2% rate rise for the UK’s biggest banks will go into effect next week, the Bank of England has announced.

The move will see banks’ share price rise from £1.40 to £1,400.

Banks are set to earn 2% on deposits of up to £2,000 and 2% for any deposit above £3,000, as well as an extra 0.75% interest on loans of up $1,000 or $2,500.

The Bank’s move comes after it revealed it had raised the UK rate by 1.25 percentage points to 0.5%, following the Bank’s latest rate hike in June.

The increase follows a rise in the UK pound since the Brexit vote, which led to a sharp fall in the value of sterling.

Borrowers in the US have also seen the value and inflation rates of their savings plummet.