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Campaigns | Savings rates

Scrap the savings trap campaign media image 365286

Update

WIN - proposals announced to make switching easier

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.

9th August 09 Aug
Event

FCA savings consultation closes

Success

RBS supports Scrap the Savings Trap

RBS welcomes our campaign and reaffirms its commitment to strive to make savings simple.

Success

Santander supports Scrap the Savings Trap

Santander welcomes our campaign and promises to make it easier for customers to manage their money.

News

Three major savings providers scrap zombie accounts

Three major savings providers are getting rid of hundreds of accounts that pay miserly interest rates. The time for the rest of the banking industry to follow suit is well overdue.
Take action

Our savings campaign is now closed

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petition signatures
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