In a win for our Scrap the Savings Trap campaign the Financial Conduct Authority (FCA) today announced proposals to make switching savings accounts quicker and easier. Savings providers will also be required to provide clearer information on interest rates and better alert customers to the end of bonus rates.
Which? Executive Director Richard Lloyd responded:
"For too long, banks and building societies have left customers languishing in poor value savings accounts so today's move from the FCA is a significant win for savers and the 69,000 people who supported our Scrap the Savings Trap campaign.
"With many savers never switching because they don’t think it will make a difference, it's good that the FCA has listened to our calls to make savings providers do more to help customers get a better deal."
Which? had estimated that savers were losing out on £4.3bn each year by being stuck in sub-standard savings accounts.
RBS welcomes our campaign and reaffirms its commitment to strive to make savings simple.
Santander welcomes our campaign and promises to make it easier for customers to manage their money.