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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
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Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
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In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
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How much can I give as a cash gift?
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The FCA’s latest research says nine of the biggest savings providers have passed on 28% of base rate rises to their easy access accounts.
Yesterday, the Financial Conduct Authority (FCA) said it will require firms with the lowest-paying savings accounts to justify their rates by the end of August.
The probe came on the day when the UK’s chief regulator launched its Consumer Duty regulation. This is a set of rules which requires all regulated firms, like banks and investment platforms, to make decisions that are in the consumer’s interests.
The Consumer Duty legislation will require firms to prove that their products offer customers “fair value”. This means, if required, firms will need to defend their pricing structure or rates on offer for customers.
“We welcome the progress that has been made so far but this needs to speed up. We will be using the Consumer Duty to ensure this is the case,” said Sheldon Mills, Executive Director of Consumers and Competition at the FCA.
Chancellor Jeremy Hunt also endorsed the FCA’s announcement.
“Banks should be passing on interest rate increases to savers, and we’re keeping a close eye on whether they do,” he said.
Looking for a new easy access account? Make sure to do your research first before switching. Visit the Moneyfactscompare.co.uk charts for the best rates on the market.
In addition to launching its new Consumer Duty regulation, the FCA also published its review of the savings market.
Its research found that nine of the biggest savings providers had passed on 28% of base rate rises to their easy access accounts between January and May this year. These providers hold approximately 60% of the country’s easy access deposits.
These providers include Lloyds Bank, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB, Virgin Money and the Co-operative Bank.
Despite the fact that challenger banks and building societies typically offered the best rates, 75% of consumers with savings accounts kept their money with their current account provider.
The FCA said that this has enabled larger banks and building societies with lower rates to hold a larger share of the market.
“We continue to urge savers to shop around to take advantage of the increasing number of better saving deals available,” said Mills.
Last month the Parliamentary Treasury Committee continued its investigation into the savings rates on offer from some of the country’s biggest banks.
It questioned Barclays, HSBC, Lloyds Bank and NatWest on whether their savings rates provided “fair value” for their customers. All four banks responded to Parliament’s probe in a series of letters.
Despite the responses, Harriett Baldwin, Chair of the Treasury Committee, said savings providers with low rates need to make their customers aware that they have better paying accounts on the market.
“Given that the Government, regulator and Governor of the Bank of England agree with the Committee that action is required, the time for weak excuses is over,” she said.
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Four high street providers, Nationwide, Santander, TSB and Virgin Money, all defended their savings rates in letters published last week. This follows correspondence from the Treasury Committee in May which criticised the banks and building societies for seemingly failing to pass increases to the Bank of England base rate on to savers.
Their responses cite current accounts and fixed products as higher-rate alternatives.
Four more well-known banks have been scrutinised by Parliament for not rewarding loyal customers. Nationwide, Santander, TSB and Virgin Money are the latest banks and building societies to come under fire from the Treasury Committee for offering savings rates significantly below the current interest rate. This widens the Committee’s campaign for banks to increase the savings rates offered to loyal customers, which in March saw Barclays UK, HSBC UK, Lloyds Banking Group and NatWest Group called into question. In letters sent yesterday, the Treasury Committee asked the banks to explain how increases to the base rate are passed on to savers, why rates on their easy access accounts are so much lower than the base rate, and whether they make loyal customers aware of higher rate savings options available to them.
Four more well-known banks scrutinised by Parliament for not rewarding loyal customers.
Some of the UK’s biggest banks are still paying less than 1% on their easy access deals.
Some of the UK’s biggest banks are still paying less than 1% on their easy access deals.
Four high street providers, Nationwide, Santander, TSB and Virgin Money, all defended their savings rates in letters published last week. This follows correspondence from the Treasury Committee in May which criticised the banks and building societies for seemingly failing to pass increases to the Bank of England base rate on to savers.
Their responses cite current accounts and fixed products as higher-rate alternatives.
Four more well-known banks have been scrutinised by Parliament for not rewarding loyal customers. Nationwide, Santander, TSB and Virgin Money are the latest banks and building societies to come under fire from the Treasury Committee for offering savings rates significantly below the current interest rate. This widens the Committee’s campaign for banks to increase the savings rates offered to loyal customers, which in March saw Barclays UK, HSBC UK, Lloyds Banking Group and NatWest Group called into question. In letters sent yesterday, the Treasury Committee asked the banks to explain how increases to the base rate are passed on to savers, why rates on their easy access accounts are so much lower than the base rate, and whether they make loyal customers aware of higher rate savings options available to them.
Four more well-known banks scrutinised by Parliament for not rewarding loyal customers.
Some of the UK’s biggest banks are still paying less than 1% on their easy access deals.
Some of the UK’s biggest banks are still paying less than 1% on their easy access deals.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.