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Banks in the United Kingdom have been accused of profiteering with the average standard variable rate (SVR) now priced at 466 basis points above the base rate.
document.addEventListener('DOMContentLoaded', (event) => { window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event': 'articleTags', 'article_tags': ['Breaking News'] }); });According to Moneyextra.com banks are making substantial margins compared to one year ago when standard variable rates were an average of 190 basis points over the base rate.
“Typically SVRs from prime lenders are never normally higher than one or two percentage points above base but some SVRs are currently as high as 5.99 per cent,” said Moneyextra.com managing director Richard Mason.
Australia’s banks have also come under fire for failing to pass on lower borrowing rates to customers however the average SVR of the big four banks is only 276 basis points above the official cash rate.
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