It has become a joke here (well better than cry and scream) re the amount of interest from my 2 savings accounts. But today, I got a letter telling me the overdraft lending rate has gone up to 39.5%
So the banks have our money and pay nothing to us and yet they charge nearly 40% for people who have to have an overdraft. Not had one for decades, and no intention of getting one now - but 39.5% to lend my/our money.
Yes the interest rates on savings accounts are derisory. We have decided not to save any more and since holidays are out for the foreseeable future we are going to spend surplus money on home improvements and the family.
The adverts make us believe that they're on the customer's side but they're not. They project a friendly persona to encourage us to loan them our money for free by having bank accounts so that they can make more money but not for us, Banks are in business to make money for their shareholders.
I was so incensed I phoned the bank and asked to speak to Senior Manager. She said they were doing it to discourage youngsters from using overdrafts for dad to day living - and to encourage them from taking proper loans.
Hmmmmmm she tried hard- and I can see the point.
But practically 0% to have our money, and nearly 40% to lend it - is, as said in title- daylight robbery.
So new kitchen at last this year - rather than bank