So, according to todays Times only 1 in 100 banks has passed on last week's rate rise to its savers. Of course mortgage rates went up immediately, 25% of banks raising rates by the full 0.25%.
"Which" magazine has accused the banks of double standards but I believe its far worse than that. We have had very low borrowing rates for over a decade and the savers - which outnumber borrowers by 4-1 - have had a very bad deal. The banks continue to spend heavily on advertising and some are even moving back into selling retail financial services products - despite what happened last time. Profits are up despite some shocking recent stories regarding TSB and Santander.
The banks have and use the power to close accounts at will and still 20% of the worlds population are denied banking facilities.
BUT change is on the way; it will not be too long before we do not need a bank account. We will be able to transact business exactly as we do now but using a "de-centralised" system which effectively bypasses the banks. Such a system will bypass all middle men.
We will enjoy total security, no bank charges and be able to buy goods and services at a massively discounted rate anywhere in the world. Soon retailers will be able to offer their customers a new payment system which will cut their costs and hopefully ours.
You need to learn about this.