A businessman has been offered 7% from the banks....

[Power Lunch Club]

Today the Bank of England dropped the interest rates to 3% and according to this story....a businessman with a couple of millions he could deposit was offered a rate of 7% if he went with a British Bank....

Of course as the article points out if they are offering depositers that kind of silly rate, what are they going to be charging borrowers, 10, 12, 14%....

The question then arise, have the banks been brought to task for their behaviour...or are they still being reckless here.

(It may of course be an isolated incident).....here is the full story....

BBC NEWS | The Reporters | Robert Peston

[Tim Barlow]

I doubt its isolated. RBS were offering 4.32% for 30 day treasury deposits (which is almost always a good bit less than what you can get on private instant access savings accounts) yesterday for small amounts. They would have priced in a 1% drop today I am sure.

[promostamper]

banks = greed
remember shareholders need to be fed or they lose them
win-win banks and shareholders
lose-lose clients and smes
nothing changes