Monday, 1 July 2013

Bank of England: Effective interest rates in the UK, May 2013

By the Bank of England

The effective rate paid on households’ outstanding time deposits decreased by 5bps to 2.63% in May and the rate for households’ new time deposits decreased by 25bps to 2.06%.

The effective rate on the stock of outstanding secured loans (mortgages) decreased by 2bps to 3.34% in May and the new secured loan rate fell to 3.27%, a decrease of 4bps on the month. The rate on outstanding unsecured personal loans increased by 7bps to 7.77% in May and the new unsecured personal loan rate increased by 26bps to 7.20%. The credit card rate (all balances) increased to 10.50%, a 2bps increase on the month. (See Table A for households’ effective rates).

The effective rate paid on private non-financial corporations’ (PNFCs) outstanding time deposits decreased by 6bps to 1.24% in May, and the rate on PNFCs’ new time deposits decreased by 14bps to 0.41%. The rate on PNFCs’ outstanding loans decreased by 1bp to 3.11% in May and the rate on new lending decreased by 22bps to 2.64%. (See Table B for PNFCs’ effective rates).

Read the full press release here...

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