Otherwise, the account pays a variable rate of 3% on deposits of £1 or more.
Then you will have a truly great variable rate of 9.4percentnt.
Strengthening affordable housing by creating a variable rate of the definition of "affordable" linked to average earnings in each London borough.
The mortgage will be priced at 1.75 per cent above the European Central Bank rate for 10 years, giving a current variable rate of 4.75percentnt.
Someone with an average £60,000 repayment mortgage paying his lender's standard variable rate of 7.75% is currently forking out £453.20 a month.
The Halifax Junior Cash Isa, available only through branches, pays a variable rate of 3% on deposits of £1 or more, but this will be boosted to 6% if the person with parental responsibility has a Halifax Isa too.
Savills says the low level of the cap means someone with a £100,000 mortgage currently on a standard variable rate of 7.74percentnt could save almost £250 a month.
These products could be hybrids, allowing a local government to issue what seemed like a fixed-rate bond that could in turn be bought by an investor who received a variable rate of interest.
Another million or so customers, largely using the Nationwide building society and the C&G arm of Lloyds Banking Group, are paying a standard variable rate of 2.5% – lower than many of rates on offer before the credit crunch before the recession – according to Boulger.
But if the £12,000 was offset against an IF mortgage, in return for receiving no interest on the savings, the customer would pay no interest on £12,000 of their mortgage - saving £780, based on the standard variable rate of 6.5percentnt without being subject to any further tax liability.
For a borrower with a £100,000 mortgage currently paying a variable rate of 2.5%, a 1 percentage point increase will add £50 to their monthly repayments, while a 2 percentage point rise would mean they needed to find an extra £100 a month.
