British banks faced fresh criticism on Monday for the savings rates they offer to cash-strapped customers, in the latest intervention by parliament's influential Treasury Select Committee.
- asking if they believed their savings rates provided "fair value" and if customer inertia, or reluctance to change accounts, was being exploited.
British banks have come under pressure from lawmakers and consumer campaigners for not passing on the extent of higher Bank of England rates to savings customers. A spokesperson for bank lobby group UK Finance said rates on savings products were determined by a number of factors, including whether someone wanted to have instant access or not.
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