A top UK financial regulator has called a meeting with the bosses of the country’s biggest banks Thursday for them to explain why the rates on their savings accounts lag so far behind the central bank’s main interest rate — as well as the interest they charge on mortgages and other loans. Some lawmakers and consumer rights advocates think profiteering is the reason.
Inflation in the UK has proven particularly stubborn, staying at 8.7% in May. But, by keeping savings rates low, banks now have the opportunity to “make up for lost time,” Sarah Coles, head of personal finance at UK investment firm Hargreaves Lansdown, told CNN. “While interest rates were ultra-low, the mortgage market was incredibly competitive, so [banks] were operating on unusually small margins between savings rates and mortgage deals… so they’re busy filling their boots,” she said.
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