How big banks are squeezing you (UK)

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How big banks are squeezing you (UK) Empty How big banks are squeezing you (UK)

Post  kelee877 on Wed Aug 08, 2018 5:48 am

How big banks are squeezing you with higher mortgage costs, credit card rates and overdraft charges as they pocket up to £300m from rising interest rates

Four major banks have said they will pass on the rate rise to mortgage customers

Firms have also slashed perks on current accounts and hiked credit card rates

Some banks are overhauling their charges for overdrafts and changing rules

Banks will each rake in as much as £300 million from last week's rate rise as they try to wriggle out of passing on the boost to savers.

Money Mail can reveal that Royal Bank of Scotland (RBS) expects its income to soar by £300 million by 2020 as a result of the Bank of England's announcement.

Other banks are also expected to make millions more as they squeeze cash from loyal borrowers and current account customers.

Four major banks and building societies - Lloyds, Barclays, Nationwide and TSB - have said they will pass on the interest rate rise to mortgage customers. On top of this, in the past few months firms have slashed perks on current accounts and hiked credit card rates.

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kelee877
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