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Campaigns | Savings rates

Scrap the savings trap campaign media image 365286

Mission statement

Savers are collectively losing out on £4.3bn a year by being stuck in sub-standard accounts. Together we convinced the Financial Conduct Authority to announce proposals that will make switching savings accounts quicker and easier. Savings providers will also be required to give clearer information on interest rates and alert customers to expiring bonus rates.

Campaign wins

Thanks to the help of 70,000 supporters we convinced the Financial Conduct Authority (FCA) to come out with new remedies for the savings market. 

These changes include:

- Savings providers having to display all interest rates clearly and prominently

- Customers will have to be notified of all rate changes and any bonus rates that are coming to an end

- The FCA will publish information about the lowest interest rates that savings providers offer

- Seven-day switching will be available for cash-ISA accounts by 2017

Although these remedies represent a big step forward, there’s still more that can be done to scrap the savings trap. We'll continue to work with the FCA to ensure that you get the best deal for your savings.

Campaign asks

We're calling on banks and building societies to take action:

1. Don't leave customers languishing in sub-standard savings accounts

Kill-off superseded zombie accounts and stop customers being dumped into poor value saving accounts and ISAs at the end of fixed terms. Instead move these savings into a single default easy-access savings or ISA account.

2. Stop making ISA switching complicated and laborious

Make switching swifter and stop providers limiting transfers into new ISAs.

3. Don't leave customers in the dark about the best return on their savings

Put interest rates on all communications and improve notifications about the end of bonus rates and fixed term accounts.

Ensure that the interest rate and terms for all accounts are genuinely clear, easier to compare and provided regularly to customers

Ensure staff can explain different offers to customers and can help them to find the best option for their needs.

Take action

Our savings campaign is now closed

petition signatures
Help us reach 70,000

Recent Supporters

  • L 21 days ago