US EditionChallenger banks respond to MPs' accusations of profiteering and 'measly' interest rates
- Loyal bank customers, particularly older and more vulnerable customers, are being offered low interest rates on their savings due to banks seeking higher profit margins, according to a committee of MPs. Instant access savings products are particularly affected.
- The big four High Street banks offer instant access savings rates of between 0.7% and 1.35%, compared with a Bank of England base rate of 4.5%.
- Responses from the challenger banks published by the committee, including Santander, Nationwide, TSB and Virgin Money, said that they also needed to consider costs and maintain financial strength when setting rates.
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Challenger banks respond to MPs' accusations of profiteering and 'measly' interest rates
The lenders - Santander, TSB, Virgin Money, and the Nationwide Building Society account for a quarter of all personal current accounts and all offer slightly lower everyday saving rates than the big four banks.
·United Kingdom
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