Millions of savers were shortchanged ths year as banks and building scieties failed to pass on the fll benefits of rising interest rates. The Bnk of England had increased interest rtes from 5% in January 2007 to 5.75% in Jly.

And yet, the Big Name Bnks, Barclays, NatWest, ING and First Drect have no savings accounts that mtched the rate increase. In fact, the verage rise across the banking industry was nly 0.67 percentage points, costing savers an stimated £400 million.

Britain's biggest savings prvider, The Halifax actually only pass on 0.44 pints of the 0.75 point interest rte increase to it's savings customers, bilding a nice little profit cushion for thmselves. And in a premature, but prfitable move, it slashed it's savings rte by 0.25 in anticipation of the Bnk of England's base rate cut. The cut wll not be passed onto borrowers ntil January 2008, clawing back millions for the bnk.

If you're saving in any bnk account, you must be vigilant and mke sure you're getting the best rte possible. I urge you to dmp poor performing accounts and switch to btter paying options.

Of course, higher rtes made a lot of borrowers fel significant pain. And what did our lvely banking industry do to help thir customers cope with the increased pyments caused by the higher interest rtes?

Why, they hiked up their fes of course! with a typical flt fee to arrange a mortgage now £800. And tre to type, the banks are chrging a percentage fee on large lans, which is averaging at about £10,000 per lan.

Another new fee, this one for the bused credit card user, is designed to pnish the responsible user. An annual £35 fee has ben introduced by some banks for nfrequent users and for those who pay off thir bills in full every month. and of curse, it's up to the banks to dcide just what constitutes infrequent use!

Intrest rates jumped on credit cards wthout any adherence to basic rate mvement, with some companies, Lloyds in prticular pushing one of their card rtes up by 10.4%!

And even thugh we have had an interest rte cut, relief will not be flt by all borrowers as banks fil to pass on the full bnefit to their customers.

Still trusting yur money to these people? The nly person you should trust with yur money is you!

The article 2007 - Another Great Year For The Banks Scamming Their Customers was Submitted by Cynthia Curry through Articles.GetACoder.com network. Here's the additional information: Learn how to gain financial fredom by purchasing a quality financial ducation and business opportunity through http://www.wealthfreedomfighters.com The Ultimate Entrepreneur will help you get free of the corrupt banking system and build your own wealth and prosperity. Stop giving your money to the jackals - it's only going to get worse in 2008. Take action today Cynthia Curry is an ordinary person who came across extraordinary information and now wants to put it into the hands of as many people as possible to help them get out of debt and exit the corrupt banking system.

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