UK banks given six months to prepare for negative interest rates

Re:UK banks given six months to prepare for negative interes... by u678u on Thursday February 04, 2021 @09:53AM (#26025768)

Its about time it became normal in the UK for accounts to carry fees. I dont know how retail banking can continue without them. Esp the new fintechs they will have near-zero revenue coming in and have to pay to hold cash.

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Re:UK banks given six months to prepare for negative interes... by robertnn on Thursday February 04, 2021 @09:57AM (#26025809)

Why? Many banks are already making lots of money, regardless if you know how they make their money or not. I definitely do not agree that "its about time" to pay for having an account.

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Re:UK banks given six months to prepare for negative interes... by u678u on Thursday February 04, 2021 @10:29AM (#26026127)

> Many banks are already making lots of money

I think you mean some UK banks made money before rates went negative. The ones that made the most are in corporate and investment banking. Retail is a disaster zone.

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Re:UK banks given six months to prepare for negative interes... by jaywalk on Thursday February 04, 2021 @10:14AM (#26025970)

If you go to your local branch and ask to pay some fees, I'm sure they can find a way to accommodate.

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Re:UK banks given six months to prepare for negative interes... by u678u on Thursday February 04, 2021 @10:30AM (#26026134)

> If you go to your local branch

I dont even have one any more. And I imagine most will be shutting down very quickly now.

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Re:UK banks given six months to prepare for negative interes... by syntheticnature on Thursday February 04, 2021 @09:56AM (#26025803)

Negative interest has to deal with lending (and savings) base interest rates, not as a fee per se, but as a tool of monetary policy.

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Re:UK banks given six months to prepare for negative interes... by LatteLazy on Thursday February 04, 2021 @10:02AM (#26025859)

Banks' investment/trading arms get substantial tax breaks and one condition is that they have a certain number of UK retail accounts.

That's it really.

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