Interest rates have a direct impact on everyone's finances, whether it's their mortgage payments, credit card bills or savings account.
General Interest Rates in UK
- Fixed Rate Bond up to 2.50%
- Savings Accounts up to 2.50%
- All Loans from 1.19%
- Home Loans from 1.19%
- Personal Loans from 2.90%
- Car Loans from 2.90%
- Credit Cards from 5.69%
Interest Rates by Top 3 Banks in UK
UK banks offer a variety of banking services and accounts. It goes without saying different banks offer different rates. Here are the top comparision of ineterest rates between the two big banks in UK.
HSBC (Largest Bank in Europe)
- Fixed Rate Bond up to 0.70%
- Savings Accounts up to 0.20%
- Loans from 1.94%
- Home Loans from 1.94%
- Personal Loans from 3.30%
- Credit Cards from 18.90%
Lloyds (2nd largest UK bank)
- Fixed Rate Bond up to 0.40%
- Savings Accounts up to 2.50%
- Loans from 3.44%
- Home Loans from 3.44%
- Personal Loans from 3.60%
- Credit Cards from 5.69%
Barclays (3rd Largest UK bank)
- Fixed Rate Bond up to 0.55%
- Savings Accounts up to 0.60%
- Loans from 3.40%
- Home Loans from 3.40%
- Personal Loans from 4.90%
- Credit Cards from 34.90%
Mortgage Rates
More than one in four mortgage applications are turned down. On the other hand, if you've paid off your mortgage and have a whack of cash lying around, higher rates mean the bank will pay you more to let your money sit with them in savings accounts or GICs.
Credit Cards
Lower interest rates could also bolster consumer spending, since credit cards are often pegged to short-term rates. The actual rates and fees applicable to your loan may vary from these numbers, depending on the school you attend and credit history.
Ironically, who would have thought that the bank most hurt by the credit crunch would turnout to be the Bank of England.
