Poorer households with lower cashflow are having to accept lower interest on their savings because the improvement in fixed rate accounts is of “no help” to them, financial experts have warned. CallumCMason reports
means fewer people will be able to put money aside into a savings account. Savers who may be on tight budgets and would prefer the option to open easy-access accounts, which allow them to dip into the pot as and when they need to, shouldn’t be unfairly penalised by banks.
“The Financial Conduct Authority must keep a close eye on firms to ensure they’re doing the right thing by their customers – and take tough action against those that fall short.” And Anna Bowes, of savings website Savings Champion, said it was good that the FCA had highlighted how little of the base rate hikes have been passed onto easy access accounts, and added: “Hopefully the Consumer Duty initiative will see the worst offenders bucking up their ideas, to help those people that can’t afford to have the small savings amounts they have locked away for a year or more in case they need the cash.
“However, it’s unlikely they will pay anything close to the top rates on offer, so don’t put up with ongoing less competitive rates from your high street bank. If they are not providing fair value, move your money.” Research commissioned by the Building Societies Association last year found 27 per cent of people said that they had less than £1,000 in savings, with 17 per cent having less than £100.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The people sticking with premium bonds despite better returns at banks, and those ditching them💷 Fewer people are putting money into premium bonds but some refuse to put their money elsewhere gracegausden93 speaks to someone who loves their bonds – and someone who abandoned theirs ⬇️
Lire la suite »
MIC’s Ashley James details positive birth after 'traumatic experience'Made in Chelsea's Ashley James details positive birth after previous 'traumatic experience'
Lire la suite »
Beverley Knight: A new dawn for soul queenThe older she gets, the better she becomes. Beverley Knight, Wolverhampton’s home-grown superstar, is maturing with age.
Lire la suite »
Sonia and Reiss’ face a furious baby showdown in EastEnders spoilersEastEnders' Sonia Fowler and Reiss Colwell could be about to struggle, as Reiss lets his worries and curiosity get the better of him, leading to a huge argument in the soap
Lire la suite »
Lucky James dodges the Beckham comparisons as below-par England continue to solve problemsLauren James was spared the Full Beckham by the belligerence of the remaining Lionesses, but England must be better than this to go far in the World Cup...
Lire la suite »
In Latest LGBTQ Crackdown, China Bans Rainbow Attire at Pop ConcertFans attending a concert by Taiwanese singer Chang Hui-mei—better known by her stage name A-Mei—say they were prevented from wearing shirts with rainbows on them inside the Cadillac Arena in Beijing.
Lire la suite »