If you want to put some money away for a rainy day this winter there is a better chance you will be able to get better interest rates in a more competitive market.
Better interest rates on offer.
This is the word from the industry watchdog – the Financial Conduct Authority. It says it has seen greater availability of higher interest rates in both term limited and easy access accounts since it outlined new guidelines in the summer.
“In July, we outlined a 14-point action plan to ensure people can access a competitive savings market. We are making progress on each of these and will provide a separate update in the autumn,” says the FCA.
Too quick to charge borrowers, too slow to reward savers.
“We have also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed.”
In the wake of 14 straight interest rate hikes, lawmakers complained that banks passed increases swiftly to borrowers, but were slow to do the same to savers.
An update expected in autumn.
Earlier this month the FCA told nine banks and building societies – including HSBC, Lloyds, NatWest and Barclays – to spell out to the regulator, by the end of August, whether their savings rates offered fair value to customers under the tougher “consumer duty” that came into force at the end of July.
“We will now analyse the information banks and building societies have provided. We will publish an update later this autumn, including any steps we might take if we identify areas of concern,” the FCA said in a statement .
