Published 10 months ago

Challenger 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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BBC News

Banks accused of 'measly' interest rates on savings

MPs criticise banks as instant access savings rates sit well below the Bank of England base rate.

10 months ago·United Kingdom

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The Guardian

UK’s biggest banks urged to increase ‘measly’ savings rates

MPs question why some savers are receiving only 0.25% despite 12 consecutive Bank of England interest rate rises

10 months ago·London, United Kingdom

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The Independent

Big banks offering ‘measly’ savings rates to loyal customers, say MPs

The Treasury Committee found that a ‘loyalty penalty’ was especially prominent for elderly and vulnerable customers.

10 months ago·London, United Kingdom

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Shropshire Star

Big banks offering ‘measly’ savings rates to loyal customers, say MPs

Some of the UK’s biggest banks and building societies have been accused of offering “measly” savings rates to loyal customers.

10 months ago·Ketley, United Kingdom

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Evening Standard

Big banks offering ‘measly’ savings rates to loyal customers, say MPs

The Treasury Committee found that a ‘loyalty penalty’ was especially prominent for elderly and vulnerable customers.

10 months ago·London, United Kingdom

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Sky News UK

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.

10 months ago·United Kingdom

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