With today's 0.5% reduction in UK interest rates to 1%, the lowest ever, Paul Lewis was on the BBC news this morning.
He pointed out that the Cheltenham & Gloucester mortgage tracker, which was offered in 2007 at 1% below Bank of England interest rates, will be free for borrowers now.
You can watch the show if you want.
Paul does make the point that it cannot be free as the computer systems can't handle it, so it will be charged at about 0.001%!
Excellent.
We're at a juncture where you pay the bank to look after your money - it used to be called savings - and they pay you to borrow.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...