You have reduced my savings rate - why do you have the money to do the WRU sponsorship?
Despite ongoing interest rate reductions from many of our competitors we have done our best to support our loyal customers by minimising the impact of these wherever we can. We cannot operate in isolation or against market trends in the savings or mortgage market as this could impact the safety of our business for our Members.
It's a difficult balancing act, but we are committed to providing consistently good rates for savers. Our lending programme continues to be funded by savers and we do not see this changing, so we need to ensure that we balance the needs of our savers and borrowers whilst remaining competitive and stable in the long term – to not do so would see savers leave us and that is not what we want.
Separately from any interest rate decisions, we need to ensure we continue to invest in the business for the long term, and this partnership is one way in which we are doing this, to grow our brand and continue to attract new savers and borrowers.