The letter asks if their savings rates provide "fair value" to customers and whether customer inertia is being exploited.
The change in regulatory demands of lenders forces them to put consumers at the heart of what they do.
The average two-year homeowner mortgage rate on the market is 6.42%, while the average easy access savings rate on the market currently stands at 2.43%.
New measures for mortgage holders were recently announced by Chancellor Jeremy Hunt, who urged banks to pass on rate hikes to savers.
LONDON DAILY ARCHIVE
MPs Demand Higher Savings Rates from NatWest, Lloyds, HSBC UK, and Barclays
The Treasury Committee of MPs has written to the CEOs of NatWest, Lloyds, HSBC UK, and Barclays to demand that they raise "measly" easy access savings rates.
03 July 2023 · 23:25 UTC
