Savers urged to ‘shop around’ to stop banks ripping them off with low interest rate



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avers were on Wednesday urged to “shop around” to stop banks ripping them off by paying a miserly interest rate.

Work and Pensions Secretary Mel Stride admitted there was “stickiness” in lenders raising their saving rates as interest rates have risen to 4.5 per cent and predictions that they could hit 5.5 per cent by the end of the year.

“Broadly speaking, the banking and financial services sector is a relatively efficient and highly competitive marketplace so you would expect as one particular bank starts to change its rates others to follow,” he told Sky News. “But it is sticky.”

The Treasury and business department were often involved with banks about these issues, he added.

“It’s a free market and my advice generally would be is if you feel you are getting a very poor rate with one particular institution is shop around and find one that will pay a better rate and there are those out there,” he continued.

“Some of the stickiness comes because there is often inertia between the customer and the bank itself…but it’s relatively easy to change and switch account and it’s worth shopping around.

“So my advice to anybody, of whatever age actually, is if there are better deals out there with similar institution on a similar basis then move your account.”

The Treasury Select Committee has been probing whether banks are failing to pass on interest rate rises to savers, while being quick to hike rates for borrowers



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