The Which? Great British Savings Scandal campaign has received cross party support, with Conservatives, Labour and the Lib Dems MPs backing the call for banks to start printing interest rates on all savings statements as soon as possible.
To date, 60 MPs have signed the Early Day Motion put forward by Lorely Burt, MP for Solihull. The parliamentary motion not only calls for interest rates to be put on paper and online savings statements, but also demands banks provide savers with a regular prompt to check their rates against other available accounts.
Since the Great British Savings Scandal campaign was launched in late October, Which? has introduced an online Savings Booster tool that is designed to help you see how much more interest you could earn if you switched savings accounts. So far it’s been used more than 60,000 times.
Mass consumer detriment
According to Which? research, consumers are losing out on £12 billion in interest each year by keeping their money in accounts that pay poor rates. This equates to an average loss of £322 per year for savers.
Savers who support the campaign can encourage their MP to back the Great British Savings Scandal campaign by sending them a template letter.
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