Banks (Finance)
As interest rates appear to be headed downward, more people are opting for fixed-rate savings accounts to secure higher returns. On the Hargreaves Lansdown Active Savings platform, the proportion of all savings accounts that were fixed-rate rose from 55 per cent in February to 64 per cent last month. Savers
Banks (Finance)
Capital One has settled a class-action lawsuit for $425 million, following allegations that the bank had been concealing two comparable savings accounts with different interest rates, resulting in clients losing $2 billion in interest over seven years. The settlement comes after the bank was sued by the Consumer Financial Protection
Banks (Finance)
Governor Kazuo Ueda reaffirmed the Bank of Japan's stance on maintaining flexibility in monetary policy, emphasizing readiness to raise interest rates as core inflation approaches the 2% target. The Bank of Japan aims to operate flexibly to ensure price stability in the medium and long term, despite economic
Banks (Finance)
In the wake of the Reserve Bank of India's (RBI) consecutive rate cuts since February 2025, some small finance banks have maintained higher interest rates on fixed deposits (FDs), particularly for senior citizens. Despite larger banks reducing their FD rates, small finance banks are offering up to 9%
Banks (Finance)
As the Reserve Bank of India (RBI) reduced the repo rate to 5.5% by cutting it by 50 basis points, HDFC Bank and ICICI Bank, the country's two largest private sector lenders, have responded by decreasing their fixed deposit (FD) rates by 25 basis points. This move
Banks (Finance)
Alan Taylor, a rate-setter at the Bank of England, has expressed concerns about the economic outlook, indicating a desire to cut interest rates further. Despite recent stronger-than-expected inflation figures, Taylor suggested that the rise in inflation is largely due to one-off factors and dismissed recent inflation data. He highlighted the
Banks (Finance)
As inflation rose to 3.5% in April, the highest level since January 2024, a rate-setter at the Bank of England has expressed concerns about the economic outlook, arguing that interest rates should be reduced further. Alan Taylor, a member of the Monetary Policy Committee, believes that recent inflation figures
Banks (Finance)
Federal Reserve Chair Jerome Powell called on students at a Princeton University pre-graduation ceremony to see the value in public service and to do whatever it takes to defend democracy. Powell's speech was a thinly veiled rebuke to President Donald Trump, who has often threatened to fire the
Banks (Finance)
As a result of the Bank of England's announcement on May 8 to cut the base rate from 4.5 per cent to 4.25 per cent, most high-street banks have warned that interest rates on some savings accounts will be reduced in the coming weeks. While the
Interest rates
Debt experts and economists believe that an interest rate cut of 25 basis points is likely when the Monetary Policy Committee (MPC) meets on Thursday, citing Statistics South Africa's announcement that CPI inflation edged up slightly from 2.7% to 2.8% in April. Reza Ismail, head of
Banks (Finance)
Market analysts say that inflation may prove to be the bigger concern, pushing mortgage rates higher and keeping the Bank of Canada's headline interest rate at the same level for the short term. The direction that mortgage rates go has depended on whether a sluggish economy or the
Banks (Finance)
Bank of England Secretary, Sebastian Walsh, revealed at a recent roundtable event in Leeds that the institution is setting up a major outpost in the city, with up to 500 people, approximately 10% of the Bank's total workforce, to be based there by 2027. This move is expected
