Banks to have single easy access rate across all accounts under new rules - MSE News 9 January 2020 at 8:41AM edited 9 January 2020 at 8:51AM in Boost Your Income 7 replies 1.1K views

Former_MSE_Callum

Banks will have to set a single rate across all easy access accounts under new rules proposed by the financial watchdog today...

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'Banks to have single easy access rate across all accounts under new rules'

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fatbelly

I get


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Link is

https://www.moneysavingexpert.com/news/2020/01/banks-to-have-single-easy-access-rate-across-all-accounts-under-/

SuiDreams

Shouldn't this be on the savings forum?

PaulSh

I lend them money I get 1.4%, they lend me money they charge 35%. I knew I should have chosen a different career.

roddydogs

Great for all the dafties who don't bother to switch to the best rate

george4064

SuiDreams wrote: »

Shouldn't this be on the savings forum?

Agreed. Either savings or banks & bank accounts sub-forums!

Consumerist

This sounds to me like a recipe for a standard default savings rate of close to 0.00% AER across the board. The regulator might want the banks to compete but they will just continue opening new accounts with attractive opening rates and abandoning older accounts as they do at the moment.

Since easy-access savings accounts are variable, why force a change at 12 months?

What does "easy-access" mean, anyway, these days. The banks describe accounts as easy-access when only allowing one withdrawal per year without penalty. By this standard fixed ISAs could be described as "easy access" accounts because you can always have access to them if you pay a penalty.

Fitzmichael

This is just more govt approved fraud.