Mortgages are going up, why aren’t savings?
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 10 July 2023
⏱️ 24 minutes
🧾️ Download transcript
Summary
Higher Bank of England interest rates have led banks to put up mortgage costs , but savings rates are not rising as fast – a situation the Chancellor, Jeremy Hunt has said ‘needs resolving’.
On the Sky News Daily, Sally Lockwood is joined by Sky’s business correspondent Paul Kelso, and Danni Hewson, Head of Financial Analysis at AJ Bell to find out what the rate disparity means for you, and if anything is likely to change any time soon.
Podcast producer: Rosie Gillott
Interviews producer: Alex Edden
Editor: Paul Stanworth
Transcript
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| 1:00.9 | Interest rates are high. In fact, the highest they've been in a generation. And if your fixed term |
| 1:06.1 | mortgage is up anytime soon, that's not great news. Now, you won't find many two-year fixes currently |
| 1:13.0 | under 6%. But if you're keeping an eye on your savings account, well, the rates don't match up. |
| 1:20.1 | Some instant access accounts are still below 1%. Just looking at a comparison site and what some of the big banks are currently offering, |
| 1:30.8 | TSB is offering 2.5%. The co-op, 2.25%. And HSBC is even lower, in fact, it's 1 and 3 quarters, |
| 1:40.7 | 1.75% for your savings. And understandably, people are just not happy about it. |
| 1:46.5 | In fact, many campaigning for consumers say it's unjustifiable. |
| 1:50.7 | Banks say they've got to balance the needs of savers and lenders, |
| 1:54.0 | and there are good deals out there, but they're under pressure to make changes. |
| 2:00.0 | I'm Sally Lockwood, and on this Sky Sky News Daily is anything going to change to close the gap |
| 2:05.5 | between mortgage and savings rates and what could that change be? |
| 2:10.6 | Well, to explain all this, I'm joined by our business correspondent Paul Kelso. |
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