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Bank charges: Lenders urged to clarify saving account rates

Financial institutions have been urged to clearly display the interest rate they are paying on savings accounts.

Lenders do not currently show the interest rate on paper or online statements which has led to many consumers receiving low rates unknowingly.

The Daily Mail has started a campaign to force firms to highlight the true returns on savings accounts, with recent figures showing the average instant access account pays 0.18 per cent before tax.

Mike O'Connor, chief executive of Consumer Focus, expressed his belief that banks do not have a valid reason for failing to display rates on saving account statements.

He told the news provider: "The banks are now making good profits from us, after we bailed many of them out. Is it too much to ask them to be transparent about the interest rates they are paying? Greater transparency is the very least customers deserve."

Many savers are attracted to high introductory interest rates but once this period is over then consumers are switched to a much lower rate.

Currently, customers have to find out the rate they receive themselves by searching online or going into their local branch.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800032981-ADNFCR

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