" class="no-js "lang="en-US"> FCA launches campaign to highlight the benefits of switching to savers
Sunday, April 21, 2024

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%.

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