Tomorrow, we are likely to see interest rates notch up again. In bank-speak, they have amassed profits by widening the gap between the interest rates they charge borrowers and the rates they pay savers (the net interest margin). In blunt consumer speak, they have royally shafted savers by not passing on the full extent of the rate rises. The banks' most loyal savers, says Atom boss Mark Mullen, have been rudely 'taken advantage of'. Earlier this year, it hauled in the big bank bosses, asking them to defend the poor rates they offer many savers.

Source: Daily Mail May 10, 2023 03:22 UTC