2023 News Archive

According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.

Latest data trends at Moneyfacts found the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month.

Four high street providers, Nationwide, Santander, TSB and Virgin Money, all defended their savings rates in letters published last week. This follows correspondence from the Treasury Committee in May which criticised the banks and building societies for seemingly failing to pass increases to the Bank of England base rate on to savers.

Their responses cite current accounts and fixed products as higher-rate alternatives.

Santander increased the rate paid by its Santander Edge Saver (Issue 1) to 7.00% AER today, which includes a 2.50% AER bonus for the first 12 months.

Santander increased the rate paid by its Santander Edge Saver (Issue 1) to 7.00% AER today, which includes a 2.50% AER bonus for the first 12 months.

Swap rates and market sentiment have played a role in reversing an established trend.

Swap rates and market sentiment have played a role in reversing an established trend.

Using data unique to Moneyfacts, we’ve tracked how mortgage rates have changed since 16 December 2021, the day of the first of nine successive base rate increases. In addition we also reevaluate the impact on the mortgage market.

With a potential base rate rise scheduled this week, how have mortgage rates performed over the last year?

The current account currently betters several variable savings rates.

The current account currently betters several variable savings rates.

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October. This is the lowest annual rate in two years according to the Office for National Statistics (ONS).

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October, according to the Office for National Statistics (ONS).