Many Banks Still Reviewing Interest Rate Cut
Amazingly, several banks and building societies are still reviewing their response to the recent cut in interest rates by the Bank of England. Perhaps customers of these banks should seriously consider switching their business to an alternative bank.
Amongst the dodderers are some big-name institutions whose senior managers should be ashamed of themselves. Come on guys, sort yourselves out before customers statrt to vote with their feet.
Here is an updated table showing your bank’s response as of this morning (Friday 14th November).
| Lender | SVR before BoE decision | SVR after BoE decision | Rate change (percentage points) |
| HBOS | 6.50% | 5.00% | -1.5 |
| Nationwide BS | 6.19% | 4.69% | -1.5 |
| Abbey | 6.94% | 5.44% | -1.5 |
| Lloyds TSB/ C&G | 6.50% | 5.00% | -1.5 |
| Northern Rock | 7.34% | 5.84% | -1.5 |
| Barclays | 6.64% | Under review | |
| RBS | 6.69% | 5.19% | -1.5 |
| HSBC | 6.25% | Under review | |
| Alliance & Leicester | 6.94% | Under review | |
| Bradford & Bingley | 7.09% | 5.59% (7 Dec) |
-1.5 |
| Bristol & West | 6.59% | Under review | |
| Britannia BS | 6.30% | Under review | |
| Yorkshire BS | 6.60% | Under review | |
| GE Money | 10.39% | Under review | |
| Coventry BS | 6.84% | 5.34% | -1.5 |
| Standard Life | 6.59% | Under review | |
| Clydesdale & Yorkshire | 6.64% | 5.14% | -1.5 |
| Chelsea BS | 7.24% | Under review | |
| Skipton | 6.45% | Under review | |
| SVR: Standard Variable Rate. All changes on 1 December unless stated. |
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