Billions of pounds in low-interest accounts are a crucial source of profits for banksBanks could be forced to pay savers a minimum interest rate after City regulators found that longstanding customers in instant access accounts are paid derisory rates because of their apathy about switching providers. The Financial Conduct Authority said a new basic savings rate would be aimed at improving returns for savers, as it admitted that past attempts to improve competition between banks had failed to improve the situation for consumers. Continue reading…
Source : theguardian.com
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