Feb 7, 2023
Cost of living: Big banks' bosses defend savings rates and branch closures
Savers have access to a host of competitive savings deals, bank bosses have argued, as they faced criticism over poor rates of interest. The chief executives of four of the biggest banks in the UK were hauled before MPs who questioned the generosity of their savings rates. Described as the highest-paid panel which had sat before the committee for some time - collectively earning more than £10m a year - the quartet of bank bosses argued that this debate incorrectly centred on the interest rate offered on instant-access savings accounts, which typically have a return of less than 1%. They argued that regular saver deals offered market-leading rates of interest, and that instant-access products were often a "Gateway" to higher interest deals. The soaring cost of living has since dampened some of this saving. The bank bosses argued that many people were actively searching for better deals as interest rates rose.
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