UKs biggest banks urged to increase measly savings rates
The Guardian Britains biggest banks need to up their game and stop fobbing off millions of loyal customers with measly savings rates, according to the head of an influential committee of MPs.
MPs on the Commons Treasury committee have been investigating why, when the Bank of England interest rate has increased 12 times in a row to 4.5%, many leading banks are still offering easy access savings accounts paying less than 1%, and in some cases as little as 0.25%.
They had already accused bank bosses of seemingly taking advantage of loyal customers, while the Financial Conduct Authority said in April that it had challenged some banks that had been miserly with their savings rate increases.
The FCA warned that onerous interventions would be considered if it concluded its concerns were not being properly addressed.
The consumer body Which? has also sounded the alarm, saying that high street banks have been short-changing savers by paying unjustifiably low rates for years.
