Banks Ripping Off Customers, As Millions Move Cash Into Property

Banks Ripping Off Customers, As Millions Move Money Into Property

In today’s Money Tips Podcast:

· Banks short-changing savers

· Investors turn to property for better returns

· Walmart issues profit warning as ordinary people in America struggle with cost-of-living crisis.

· Property transactions slowing according to official data.

High Street UK banks, like Natwest, have failed to pass on several Bank of England base lending rate rises to millions of savers. Base rates have been steadily rising from a low of 0.10% in October 2021, which banks have not passed on to savers.

At the same time, they are INCREASING interest rate for borrowers who owe money on their already expensive credit cards.

NatWest has just announced a 2.5% increase on their credit card from 15.756 to 18.276, an effective increase of 15%.

The current UK base lending rate is 1.25%.

Credit card companies were charging similar rates when base rats were over 10%, which means they are profiteering from people’s misery.

Meanwhile, banks leaving millions of savers out of pocket in accounts paying almost ZERO interest – which means their savings are LOSING 9.4% (the official UK inflation rate) every year.

Savers should vote with their feet and move their money to obtain better deals – if they can find a local branch!

Years of artificially low interest rates have pushed millions of investors into buy-to-let property, where the can receive much higher income, as well as growth on their capital.

Open House South Herts is advertising property deals in the north of the UK from just £30,000 asking price with yields of between 10 and 15%. – see https://www.facebook.com/estateagentswatfordelstreeandborehamwood

Banks are closing hundreds of branches all over the country as the reset to cash continues against people’s wishes. Older customers will struggle to get to branches and many do not use, or want to use, complicated online banking systems.

Many old bank branch buildings, such as this on in Loughton, Essex, are huge with much of the space no longer required and can easily be converted into flats, shops, restaurants or other mixed usage.

Mortgage rates have also jumped in the last year adding significantly to the cost of buying a home. For instance, a 2% increase on a £200,000 mortgage will cost borrowers an additional £4000 per annum or £333pm. On a £250,000 loan, the extra cost is £5000 a year or £416pm.

Property transactions slow dramatically according to official figures.

HMRC Headline Figures

The latest transactions data...Watch video - https://youtu.be/uequ4BrXSO0

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