Banks are claiming not to be able to increase savings rates without significantly upping mortgage rates, despite raking in £4.8bn in extra profits this year 🔴 CallumCMason reports
Eric Leenders, managing director of personal finance at UK Finance, said that banking was “all about balancing the needs of savers and borrowers.”
Helen Saxon, of consumer website MoneySavingExpert.com, said: “Banks say if they increase rates for savers they’ll have to increase mortgage rates even more. They say if they don’t, they’ll take a financial hit. And Jenny Ross, editor of Which? Money said that banks shouldn’t be “treating savers and mortgage holders differently by not passing on interest rate rises across the board.”
And today, as part of its work on savings rates, the committee has written to several major banks to ask if they believe all their savings rates provide “fair value “to savers and whether customer inertia is being “exploited.”
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