Interest rates for United Kingdom, United States and European Union
UK interest rate: 0.75% – next update due 19th September 2019
U.S. interest rate: 2.00% – 2.25% – next update due September 17th & 18th 2019
Reduced by 0.25% on 31st July 2019
EU interest rate: 0.25%
These interest rates will be updated monthly or as the data becomes available.
How interest rates work?
Wikipedia definition
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principle sum).
The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.
It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an annual percentage. It is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account.
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