Several banks that pay almost no interest to savers have been named and shamed by the financial regulator as part of its drive to make the market more competitive.
Banks paying ultra-low interest rates to loyal savers have been exposed as regulators unveil measures to encourage customers to shop around for the best deals, and get banks to do more to help their long-term depositors get a better return on their cash.
The Financial Conduct Authority said that it was publishing the information to shed “sunlight” on poor deals, as reported by The Telegraph.
From January 2017, banks will be expected to offer a seven-day switching service for Individual Savings Accounts, just as they do with current accounts.
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