UK’s biggest banks urged to increase ‘measly’ savings rates

MPs question why some savers are receiving only 0.25% despite 12 consecutive Bank of England interest rate rises

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Britain’s biggest banks need to “up their game” and stop fobbing off millions of loyal customers with “measly” savings rates, according to the head of an influential committee of MPs.

MPs on the Commons Treasury committee have been investigating why, when the Bank of England interest rate has increased 12 times in a row to 4.5%, many leading banks are still offering easy access savings accounts paying less than 1%, and in some cases as little as 0.25%.