Which?'s response to Hunt ‘working on solution’ to ensure banks pass on interest rate rises to savers

Jenny Ross, Editor of Which? Money, said:

“With millions of people still feeling the impact of the cost of living crisis, it’s become even more important to get better returns on savings accounts. Yet, Which? research shows that in reality established high street banks are short-changing savers by potentially hundreds of pounds a year.

“It’s vital that the government and the Financial Conduct Authority step in and clamp down heavily on any firms offering unjustifiable savings rates, ensuring that the responsibility isn't just on consumers’ shoulders to switch accounts.

“Banks seem to have no problem quickly passing on mortgage rate increases to borrowers, we now need to see the same level of urgency applied to savers.”

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