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Banks raise minimum deposit levels by thousands of pounds
Several banks in the UK are only offering high interest high-street savings accounts to customers that deposit tens of thousands of pounds.
Abbey, Alliance & Leicester and Bradford & Bingley recently launched a two-year bond that pays out at 4% but is only available to customers who invest at least £30,000.
Allied Irish Bank and Investec are offering accounts that pay 0.5% on money held but require a minimum deposit of £50,000 and £25,000 respectively.
"As interest rates have fallen banks have merged tiered accounts that paid out more to those with larger deposits. As a result we see accounts that require large deposits but pay out small rates of interest," said David Black, banking consultant at research firm Defaqto.
Small businesses are growing increasingly disillusioned with their banks, with a recent survey by the Federation of Small Business showing that over six out of ten small business owners are dissatisfied and that an increasing number of SME owners are turning to friends and family for help with their finances.
Post Date: March 17th, 2009
Abbey, Alliance & Leicester and Bradford & Bingley recently launched a two-year bond that pays out at 4% but is only available to customers who invest at least £30,000.
Allied Irish Bank and Investec are offering accounts that pay 0.5% on money held but require a minimum deposit of £50,000 and £25,000 respectively.
"As interest rates have fallen banks have merged tiered accounts that paid out more to those with larger deposits. As a result we see accounts that require large deposits but pay out small rates of interest," said David Black, banking consultant at research firm Defaqto.
Small businesses are growing increasingly disillusioned with their banks, with a recent survey by the Federation of Small Business showing that over six out of ten small business owners are dissatisfied and that an increasing number of SME owners are turning to friends and family for help with their finances.
Post Date: March 17th, 2009
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