Monday, May 23, 2022
HomeBusinessExperts accuse banks of 'scornful disdain' on rates

Experts accuse banks of 'scornful disdain' on rates


Banks slammed by savings experts for treating customers with ‘scornful disdain’ following failure to pass on latest Bank of England base rate rise

Greedy high street banks have been slammed by savings experts for treating their customers with ‘scornful disdain’ – following their failure to pass on the latest Bank of England base rate rise. 

The base rate now stands at 1 per cent, but most high street instant access savings accounts still pay a paltry 0.1 per cent. 

HSBC Flexible Saver, NatWest Instant Saver, Lloyds Standard Saver and Santander Everyday Saver all pay 0.1 per cent. Barclays pays just 0.01 per cent on its Everyday Saver. Anna Bowes, co-founder of rates scrutineer Savings Champion, says: ‘It is unethical the way that high street banks are allowed to treat their customers with such scornful disdain.’ 

Hard going: The base rate now stands at 1 per cent, but most high street instant access savings accounts still pay a paltry 0.1 per cent.

Hard going: The base rate now stands at 1 per cent, but most high street instant access savings accounts still pay a paltry 0.1 per cent.

She adds: ‘Barclays stands out as particularly despicable for not passing on any savings this year – paying just 10p for every £1,000 saved.’ Rachell Springall, finance expert at data firm Moneyfacts, says: ‘Loyal savers with an instant access savings account held in one of the major banks will see little benefit from the rate rises – so should consider switching. 

‘Perhaps then high street providers might take notice.’ 

The base rate has increased four times since the start of December, when it was 0.1 per cent. 

The Mail on Sunday asked the five major high street banks why – ten days since the latest rise – they haven’t passed it on to savers. Lloyds says ‘savings rates remain under review’, and HSBC stated ‘we continually review our savings products range’. Barclays says it plans to increase savings rates by between 0.09 and 0.4 per cent – but only in June. 

Santander said: ‘Savings products linked to the Bank of England base rate will increase by 0.25 per cent from June 1.’ It made no mention of its easy-access account. 

NatWest did not reply.

THIS IS MONEY’S FIVE OF THE BEST SAVINGS DEALS

Advertisement

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments