Harriett Baldwin, who chairs the Treasury Committee, said the “big four” banks have not done enough
The chair of a powerful group of MPs has criticised Britain’s biggest banks for “doing as little as they can get away with” to reward savers, after unveiling their quarterly finances. Harriett Baldwin, who chairs the Treasury Committee, said the “big four” banks – Barclays, Lloyds Banking Group, NatWest Group and HSBC – have not done enough to pass on higher interest rates to savers.
“The Treasury Committee summoned them in February to suggest they offer better rates. They should have listened to our suggestion as there are signs that savvy consumers are switching for better rates elsewhere. Over the past week, all four banking giants said higher borrowing costs had helped them generate more income from mortgages and loans throughout the year. However, in recent months, more customers have been locking cash away into savings accounts to make the most of higher rates.
It saw some £3.2 billion taken out of current account deposits and £3.9 billion put into savings over the quarter. And NatWest revealed that 15% of its customer deposits are now in fixed-term accounts which pay better interest rates, up from 8% in the first quarter of the year.
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