Breaking News
FCA launches campaign to highlight the benefits of switching to savers
Consumers will be encouraged to shop around for a better savings rate in a new campaign launched today by the City regulator, the Financial Conduct Authority (FCA).
Just over half of savers (52%) said that they had switched, or were considering switching, their savings accounts, taking advantage of the continued availability of better rates. Around two-thirds (69%) of those surveyed said they would consider switching.
The FCA’s £600k campaign, which will run across radio, digital audio and social media, will prompt consumers to review their savings by highlighting how quickly they can find a better rate. Consumers will also be able to use a dedicated page on the FCA website to calculate how much they could earn in higher paying savings accounts.
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said:
“We know that people can be put off switching for a variety of reasons, but they could be making their money work harder.
“There are some great rates out there and it could take as little as 5 minutes to find a better deal.”
The FCA has already taken action to improve the savings market and has seen signs of a more competitive market emerging, with customers moving their money to take advantage of higher rates.
From July 2023 to December 2023, the amount held in bank and building society non-interest-bearing accounts reduced by £13bn and in easy access accounts, which typically have lower interest rates, by £9bn. Deposits held in fixed-term and notice accounts, which often come with higher rates of interest, increased by £24bn.
However, more consumers could move to take advantage of rates available – including a number of accounts offering rates above 5%.
People In This Post
Companies In This Post
- FF Tattoo Studio: Fenergo on Native ID&V and the Fight Against FinCrime Read more
- Generative AI in Banking: From POCs to Front-Office Impact Read more
- EXCLUSIVE: “Chain Reaction” – Sergey Nazarov and Fernando Vazquez, Chainlink in ‘The Paytech Magazine’ Read more
- FF Tattoo Studio: Datavillage on Privacy-First Data Collaboration and Faster Fraud Investigations Read more
- Chancellor Unveils Plans to “Supercharge” Growth of Innovative Financial Services Firms Read more
Chancellor Unveils Plans to “Supercharge” Growth of Innovative Financial Services Firms
Financial services firms will get new support to help them scale up, invest and create high-skilled jobs
Persona Launches Connect at Money20/20 USA to Build the Rails for Collaborative Identity
Persona launched of Persona Connect at Money20/20 USA, a new solution that enables organizations to securely share and reuse verified identity
Wayflyer Announces U.S. Expansion With New Charlotte Hub
Wayflyer, the leading financing platform for consumer brands, announced the opening of its new U.S. headquarters in Charlotte, North Carolina
Acting Office Secures ICAEW Accreditation to Fuel AI-powered Accounting
Acting Office, the UK’s first AI-enabled full enterprise software for accountancy practices, has been awarded formal accreditation by the Institute of Chartered Accountants in England and Wales (ICAEW).
VAMP Ire: What’s Lurking in the Dark with Visa’s New Dispute Program
While October’s full of tricks and treats, Visa’s new VAMP rules have merchants and acquirers wondering which one they’re about to get.
Vivid Money Launches AI Employees to Tackle the €61 Billion Productivity Gap in SMEs
Vivid Money, the European financial platform for SMEs and freelancers, today launches its AI-powered Digital Employees to empower European SMEs. With the new AI assistants, companies can increase their productivity by 1.3x1, save up to 13 hours of productive time per week2, and reduce monthly operating costs by up to €4,0003.
Alkami and ORNL Federal Credit Union to Share Strategies for Smarter Security and Fraud Prevention
Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a digital sales and service platform provider for financial institutions in the U.S., today announced the upcoming webinar, Inside the Layers: Strategies for Smarter Security & Fraud Prevention, that will be a panel discussion designed to help financial institutions defend against evolving fraud threats through layered security.
FF Tattoo Studio: Fenergo on Native ID&V and the Fight Against FinCrime
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Generative AI in Banking: From POCs to Front-Office Impact
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
EXCLUSIVE: “Chain Reaction” – Sergey Nazarov and Fernando Vazquez, Chainlink in ‘The Paytech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
FF Tattoo Studio: Datavillage on Privacy-First Data Collaboration and Faster Fraud Investigations
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Chancellor Unveils Plans to “Supercharge” Growth of Innovative Financial Services Firms
Financial services firms will get new support to help them scale up, invest and create high-skilled jobs
Standard Chartered Partners With Dandelion to Enhance Real-Time Cross-Border Payments
Standard Chartered has partnered with Dandelion Payments to enhance the Bank’s low-value global disbursements proposition
Persona Launches Connect at Money20/20 USA to Build the Rails for Collaborative Identity
Persona launched of Persona Connect at Money20/20 USA, a new solution that enables organizations to securely share and reuse verified identity