Europeans drain billions from banks, fed up with shrinking savings
(Worthy News) – European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without.
The trend emerged as some of the region’s biggest lenders outlined a profitable start to the year in results that also offered a glimpse of a phenomenon dubbed a “bank walk” – a slow but notable outflow of customer cash.
Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers. [ Source: Reuters (Read More…) ]
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