Uswitch comments on FCA announcement that £160 billion is languishing in low earning accounts
Following new FCA proposals that consumers should have access to more transparent information about their savings account, David Mann, Head of Money at Uswitch.com, says: “For years, consumers have been penalised for saving their money and today’s announcement is a big step to making it fairer.
“It’s high time for the savings market to work for consumers, armed with the right information and an easier switching service, savers would be better off. In the last few years, we’ve seen banks offering increasingly competitive current account incentives, but savings accounts have been neglected. Because interest rates are so complicated, many savers are confused about how much interest they’re actually earning and so don’t know if they could be better off elsewhere. For example, there are current accounts that pay out 5% in interest up to balances of £2,000 yet some savings accounts offer a measly 0.5%.
“The FCA’s own research shows a dramatic increase in savers taking action with their accounts once they have received a notification letter letting them know when their introductory offer has ended. This raises the bigger question why the FCA is not taking action to make these letters mandatory and introduce greater transparency and ease of switching in the savings market.”
For more information visit www.Uswitch.com or call 0800 093 06 07
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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