Lloyds and HSBC have increased savings rates just hours before banks are due to meet the City watchdog to discuss profiteering concerns. Bosses at HSBC, NatWest, Lloyds and Barclays are expected to meet the Financial Conduct Authority on Thursday to discuss how cash saving accounts are priced and how banks communicate the deals they offer to customers. The Bank of England has raised interest rates 13 times in a row from 0.1pc to 5pc, its highest level since 2008. However, the average easy-access
Britain’s biggest lenders have accepted that they must “do more” to help savers after the City watchdog hauled in executives to explain why returns were so low.
Banking giants, Lloyds and HSBC have announced rate hikes on a number of savings deals on the same day their bosses faced questioning over their treatment of savers.
Bosses at some of the UK's biggest banks, Lloyds, HSBC, NatWest and Barclays are to face questions by the Financial Conduct Authority (FCA) this week on the speed it passes on the rate rises to savers