Farming families losing out on interest on savings
Farmers for Action are concerned that corporate banks are cheating farming families out of interest on their savings.
Farming families should be up-in-arms with their corporate banks
By William Taylor
August 8, 2023

Farmers For Action’s Steering Committee says it is time for farming families and everyone to be up-in-arms with their corporate banks and Westminster Government when it comes to savers money on deposit. 

This particular banking scandal is as follows, the Bank of England has recently moved again to move interest rates up to a new current level of 5% - in effect this should mean that those people eg grandparents, parents who are lucky enough to have money on deposit should be receiving a minimum of 5%, instead they are being insulted eg with 0.01% on current accounts and 1.3% on deposit accounts perhaps even tied-in for a period of time, which is scandalous!

This in effect means that the UK’s corporate banks are borrowing money virtually free of charge from depositors while their own costs remain virtually static, so begs the question why is the Westminster Government not acting? 

William Taylor, FFA stated that, “Whilst the Bank of England claims to be rising interest rates to kerb inflation this is also driving up mortgages and loan costs which is hurting eg sons, daughters, grandsons and granddaughters of many farming families and thousands of others scattered across these islands and Government acknowledges this in that it is going to be painful as fixed loan and mortgage rates end over the next 2/3 years.” 

FFA’s point is - if the Westminster Government was doing its job it would be forcing corporate banks to pay Bank of England base rate interest on deposit accounts which in turn would allow grandparents / parents of farming families and others to then use this interest money to help out their children, grandchildren with their increased mortgages. 

The only conclusion that can be drawn currently is that the Westminster Government is not only closing a blind eye to corporate retailers exploiting farming families but also corporate bankers exploiting farming families and thousands of others!

FFA have found only one corporate bank in the whole of London paying 3.5% interest (note not 5%), however, this certainly shines a light on all the corporate banks in Northern Ireland, where by the way, banking is not a devolved matter, surprise surprise!

William Taylor

William is a farmer and campaigner with Farmers for Action.