Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The City watchdog has missed a chance to give the savings market the shake-up it needs. It has simply told us what we knew already: that banks and building societies have been ripping us off for years by tricking us into ultra-low-paying savings accounts. But the biggest con is introductory rates that attract savers with market-leading offers and then leave them languishing on pathetic interest.
The FCA declined to act, saying. That’s true. People who watch their rates and make sure they change accounts every year to chase the next market-leading deal have done very well out of the so-called teaser rates. But while a few have profited, the majority have suffered, and that’s just not fair. People deserve savings accounts that pay a decent rate.
Most aren’t too fussed about market-leading deals, but just want a fair return. Scrapping introductory rates would force banks to be competitive all the time.
NatWest and Nationwide have led the way in scrapping unfair introductory or bonus rates, and the rest of the savings industry should follow. It’s disappointing that the FCA has so far failed to clean up the industry.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments