Lloyds anticipates a decline in UK housing prices until 2025.

Due to clients paying more to borrow cash for credit cards, mortgages, and loans, most banks have recorded higher earnings as a result of rising interest rates.

There have been worries that banks, especially for easy access accounts, are increasing borrowing rates far more quickly than savings rates. 3.21% is the current average quick access savings rate, which is the most popular rate available.

However, banks have defended themselves against this, notably Lloyds.


Group Chief Executive Charlie Nunn of Lloyds stated that the bank was still “focused on supporting our customers and helping them navigate the uncertain economic environment”.

More consumers, according to the bank, are transferring money from current accounts to savings accounts.

“Storing up their funds”

Matt Britzman, an equities analyst at Hargreaves Lansdown, stated that Lloyd’s ability to “keep hold of savers looking for better rates” contributed to its success.


Fran Boait, the co-executive director of Positive Money, on the other hand, charged that banks were “filling their coffers” as “soaring interest rates push ordinary people into poverty.”

Barclays announced earnings before taxes on Tuesday for the three months ending in September of £1.89 billion, a minor decrease from £1.96 billion for the same period in 2022. As a result, it made cuts to its

In the meantime, rising rates also contributed to Santander’s £1.73 billion in UK profits before taxes in the nine months ending in September.

The Spanish-owned company’s chief executive in the UK, Mike Regnier, stated that the bank has “prioritized” client demands and “provided competitive rates for savers.”

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Due to “significant demand,” Santander decided last month to discontinue an easy access account with a 5.2% interest rate. The product was described as a “limited edition”.

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