Lloyds, NatWest, Barclays and Santander (led by Ana Botin, pictured) which last week reported a 14 per cent rise in profits for 2024, received interest on these reserves totalling £9 billion in 2023.
The sum banks make from net interest income was expected to fall as interest rates dropped back.
NatWest and Barclays will report slightly higher net interest income this week of £11.2 billion and £6.6 billion respectively, according to City analysts.
Money spinner: Lloyds, NatWest, Barclays and Santander (led by Ana Botin, pictured) received interest on their reserves totalling £9 billion in 2023.
A typical two-year, fixed-rate mortgage costs 5.5 per cent in interest, while an instant access savings account pays just 2.9 per cent, according to financial experts Moneyfacts.
