Treasury Committee expands campaign to encourage banks to boost savings rates
The IndependentA powerful committee of MPs has widened the net in its campaign to encourage banks to boost the savings rates offered to loyal customers. The committee has been probing some low savings rates and wants to shed light on how banks and building societies determine the level of interest rate increases to pass on to savers and whether they inform their loyal customers that higher alternatives may be available. Banks must do more to encourage saving Harriett Baldwin, Treasury Committee chair The correspondence follows on from the committee shining a spotlight on the rates offered by the “big four” banks – Barclays UK, HSBC UK, Lloyds Banking Group and NatWest Group. Commenting on the correspondence, Harriett Baldwin, chair of the Treasury Committee, said: “In a high interest rate environment, and with further Bank of England base rate rises possible, banks must do more to encourage saving.” She added: “Consumers should continue to vote with their feet and find better offerings.”
History of this topic
Major UK banks see income more than double from cash held with Bank of England
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MP accuses UK’s biggest banks of being ‘far too slow’ to reward savers
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Third of savers ‘keep most of their cash in a current account’
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Big banks offering ‘measly’ savings rates to loyal customers, say MPs
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Savers missing out on £7bn of interest by sticking with the big banks, research suggests
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