Banking graduate jobs could suffer alongside consumers and those with mortgages as interest rates are expected to rise significantly in 2010.

At present, people who rely on income from savings accounts have lost out as a result of record low interest rates of 0.5 per cent, a level which has been maintained by the Bank of England Monetary Policy Committee (MPC).

According to a new report from the Confederation of British Industry (CBI) the MPC is likely to put interest rates up again before the end of spring 2010.

It predicts that the base rate of interest could be as high as two per cent by the end of next year.

Low interest rates have helped banks enjoy bumper profits this year, as they have been able to borrow at low rates and invest the funds more profitably. This has helped fund banks’ planned Christmas bonus spree this year.

If a rising interest rate makes banks less profitable in 2010, the number of places on banking graduate schemes could be significantly reduced.

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