Savings rates fall in Britain

Published: Jan. 12, 2009 at 2:11 PM

LONDON, Jan. 12 (UPI) -- Interest paid on saving accounts in Britain fell to the lowest rates since 1995, the Bank of England said Monday.

Interest paid on various savings accounts averaged 0.81 percent, The Daily Telegraph reported.

The declining rates in December come on the heels of the Bank of England's decision to cut key lending rates. Rates could fall further, as the BOE cut rates in December to 1 percent and last week to 0.5 percent.

Banks usually adjust their rates at the first day of the month, the British newspaper said.

International bank ICICI has already reduced its one-year fixed rate bond rate from 5.1 percent to 4.65 percent. The Anglo Irish Bank has also reduced its one-year fixed rate bond from 5 percent to 4.6 percent, the Telegraph reported.

© 2009 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Veteran offers drive-through prayers (5 min)
Whiskey truck overturns, spills onto road (16 min)
MIA Australian dog found in Afghanistan (23 min)
Grain futures mixed Thursday (23 min)
Monkey eludes capture in Florida (28 min)
Critics question giving police old guns (34 min)
U.S. markets close lower Thursday (38 min)
fark
Guy's cell phone minutes run out, so he calls 911 five times to see if anyone will have sex with...
*POP*
Woman wins $1M McDonalds Monopoly prize. Plans to use winnings on new house, car, angioplasty
You went full North by Northwest, dude. Never go full North by Northwest
Not news: ex-soldier finds a gun in his garden - Still not news: man hands gun into police - Fark:...
Bow wow wow, yippie yo, yippie yeah, Bow wow yippie yo yippie yeah (c)