Jul 6, 2023
NatWest, Lloyds, Barclays and HSBC to be quizzed over savings rates concerns
The bosses of Lloyds, HSBC, NatWest and Barclays are to face questions from the regulator over concerns that interest rates on savings are too low. Figures released on Wednesday showed the average two-year fixed mortgage rate was 6.51%, while the average, and most common, easy access savings account rate based on £10,000 of savings, was 2.48%. The gap, 4.03%, is almost double what it was in December 2021, when the Bank of England first starting increasing interest rates in an attempt to slow the speed of rising consumer prices. Its base rate - which influences the mortgage and savings rates set by High Street banks - is now at 5%. Analysis from banking giant JP Morgan has suggested interest rates in the UK could reach 5.75% by November, and be at a higher level for some time. Lloyds and NatWest have not responded to the BBC's request for comment, but Barclays has said it "Regularly" reviews its savings rates. HSBC has said it has increased its savings rates "More than a dozen times since the beginning of last year".
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