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The Weekend Approaches

Posted by | Posted in Finance | Posted on 07-11-2008

It’s the best day of the week again today! Although I’m looking forward to the weekend, I’ve got no idea what to do with it yet. After spending last weekend doing not a lot (except drinking – there was lots of that) I figured I’d have a relaxing one this time. I might even post on here for once!

So, the Bank Of England interest rates have been cut to 3%. That’s good for anyone with tracker mortgages that follow the BoE base rate, but not so good for anyone who wants go get a new mortgage, or those who have savings. Which is rather ridiculous really. In this time of financial uncertainty, people should be reassured that their money is safe and sound, not teetering on the edge of actually costing them money. Speaking of which, apparently the banks have yet to decide whather to pass the full amount of the interest rate cut onto the consumer. Of course they wont, if it means they can make money.

For anyone who’s interested, Abbey offer a Current Account that pays you 8% interest up to £2500 if you pay more than £1000 into it a month. I suppose being part of an international banking corporation helps in some ways, so they can still offer those kinds of rates even in these uncertain times. For other banking and financial advice, many people in the UK find this website a valuable resource. Martin Lewis is well known in the money-saving circles.

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