14 November 2006
Good new for all secured and personal loan holders this week as it emerged that none of the banking 'big four' have implemented the changes to the interest rates yet.
Although this news is bad for savers, who were looking forward to the additional interest their money would be earning, the delay in applying the new rate of 5% will benefit debtors with loans as it will kept their repayments lower for longer.
According to the Times, there have been no rate rise announcements from Lloyds TSB, HSBC, NatWest or Abbey, apart from Abbey's online savings account company Cahoot.
The bad news is that the interest rates will most likely be applied by the banks before the end of the year and with further rate rises threatened for February, consumers who have taken out loans may be forced to shop around in order to find the right deal.
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