FCA warns banks against rushing to cut savings rates

The Financial Conduct Authority (FCA) reports that savings rates from major banks have improved, but savers can still benefit by comparing offers. Since the FCA’s intervention in July 2023, the average interest on easy access savings accounts has risen to 2.11% in June 2024, resulting in an estimated £4 billion annual benefit for savers. While high street providers have increased rates, better deals can be found elsewhere, prompting the FCA to monitor how quickly rates are adjusted in response to interest rate changes.

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