Interest rates for millions of UK savers have sunk to a new low, according to the Bank of England.
The average rate on Individual Savings Accounts (Isas) fell to 0.85% in December, down from 0.99% in November.
On instant access accounts, the interest rate fell to 0.48%, from 0.54% a month earlier.
Some individual banks are paying savers as little as 0.01%, the Financial Conduct Authority (FCA) reported in December.
One reason may be that expectations about a rise in base rates continue to be pushed backwards.
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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