UK high street banks still offering lower saving rates

Banks have not made substantial improvements since the FCA’s remarks in July.

by Barbara Pianese

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UK high street banks are continuing to offer lower savings rates compared with challenger banks and building societies, Which? research has found.

Lenders are failing to make substantial improvements since the Financial Conduct Authority (FCA) set out a 14-point action plan for cash savings in July. The UK’s financial regulator had found that just over a quarter of recent Bank of England rate increases have been passed on to the most popular deposit accounts.

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Barbara Pianese

Barbara Pianese is the Latin America editor at The Banker. She joined from Mergermarket, where she spent four years covering mergers and acquisitions across Europe with a focus on the consumer sector. She holds an MA in International and Diplomatic Affairs from the University of Bologna having studied in Brazil and France as well.