MPs have accused high street banks of failing in their “social duty” to promote saving and instead engaging in “blatant profiteering” by continuing to offer paltry rates.
Members of the Commons Treasury committee raised their concerns in a fresh round of letters to the chief executives of the UK’s four largest lenders, which the MPs said had failed to substantially raise returns on accounts that do not force customers to lock in cash, limit withdrawals or pay a monthly fee, despite the base interest rate rising to 5%.
