Before the financial crisis, around 90 percent of current accounts paid interest. Now, only two thirds of accounts offer interest. With the bank rate sitting at 0.5 percent, even in those cases where banks offer something on a current account, the return is negligible.
Why the obsession with bank deposits and interest rates? My Australia Fund - my fifteen hundred quid that currently resides in NatWest - just keeps on losing value. I need every penny, and it irritates me enormously to think that I am being ripped off for the sake of keeping mortgage rates down.
Come on, Monetary Policy Committee, help me out a little. I need to get back to Marvelous Melbourne. Bondi is also calling me. And I never did get to Alice Springs.
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