21 September 2023
Interest For Junior Savers
Boom is fully committed to compliance with the requirements of the Consumer Duty and aware of the FCA’s current interest in the rates that are paid to savers.
Our members, who provide most of the savings, are investors who receive a dividend when the management and Board determine that this is appropriate. The only savers who receive an interest rate are Junior Savers, who receive a rate of 2%.
The Board has considered if this rate should be increased. However, in the light of the need to ensure that we can support an appropriate level of lending to our savers, many of whom have been adversely affected by the cost of living crisis, and to ensure that we are able to respond fairly to customers who are having difficulty repaying, the Board has decided that an increase would not be appropriate