LNB News 18/09/2024
Document Information
Issue Date: 18 September 2024
Published Date: 18 September 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Financial Conduct Authority (FCA) has published an update on the actions it has taken since its July 2023 cash savings market review, and the work it has done with the largest nine firms on the value they provide. It says the average interest paid on easy access savings accounts rose to 2.11% in June 2024, up from 1.66% when the review was published, with savers an estimated £4bn a year better off as a result. The FCA says its analysis also shows that while firms were benefitting as base rates increased, ‘these benefits were increasingly passed to savers’.
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