BRITAIN’S savers have £160bn in instant access accounts paying less than the Bank of England’s 0.5 per cent base rate, the Financial Conduct Watchdog said yesterday.
Savers can easily switch for a better rate through price comparison websites, but often fail to take advantage of better products on offer.
The regulator wants banks to tell customers which rate they are receiving more often, and to tell them when the rate changes. Banks should also give customers more information on alternative accounts, and on how to switch, the FCA said.
“We want to see firms making simple information much easier to find,” said the FCA’s Christopher Woolard. “More also needs to be done to reduce the hassle for consumers to switch their savings.”