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Banks to have single easy access rate across all accounts under new rules - MSE News
Former_MSE_Callum
Posts: 696
Forumite
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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'Banks to have single easy access rate across all accounts under new rules'
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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-/0 -
Shouldn't this be on the savings forum?0
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I lend them money I get 1.4%, they lend me money they charge 35%. I knew I should have chosen a different career.0
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Great for all the dafties who don't bother to switch to the best rate0
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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.
Warning: In the kingdom of the blind, the one-eyed man is king.
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This is just more govt approved fraud.0
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