Last month Which? research revealed that British savers are losing out on £12bn a year by keeping their money in accounts paying miserly rates. Even worse, our experts found that savings account providers often don’t make it easy for their customers to find out how much interest their cash is earning – meaning the average saver misses out on £322 in interest annually.
After the initial success of the Great British Savings Scandal campaign, we’re now asking British savers to show their continuing support for it by contacting their MP. Which? wants members of parliament to help put pressure on savings providers by asking them to treat their customers more fairly.
Email your MP
An Early Day Motion (EDM) put forward by Lorely Burt MP calls on Britain’s banks and building societies to:
- Publish accounts’ current interest rates on all statements sent to customers;
- Provide each customer with an annual notice of savings interest rates;
- Regularly remind customers to check the interest rate they are earning against those which might be available elsewhere.
The EDM, which has cross-party support, has already been signed by 40 MPs – but we want to see even more politicians adding their name to it, in order to increase the likelihood that financial institutions will take action.
You can ask your MP to sign the motion quickly and easily by visiting our Great British Savings Scandal campaigns page.
Find a better savings account
To find out more about the Great British Savings Scandal, watch our video. It explains why you could be missing out on hundreds of pounds a year in interest, and reveals what you can do to make the most of your money.
In addition, the Which? Savings Booster is a unique and useful tool that will allow you to compare your current savings rate to those that you could get elsewhere in the market. All you need in order to use it is the name of your existing savings account, and how much money you have put by.
For detailed information about our campaign, and to contact us with your views, visit the Great British Savings Scandal pages on which.co.uk.
Alternatively, to air your views on the Great British Savings Scandal, and explain what you think Parliament should be doing to tackle it, get involved with the Which? Conversation.
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