The FCA has suggested that banks should be forced to set a minimum interest rate:
Doesn’t say what the minimum should be though!
“The FCA suggested it would be up to each bank to set their own BSR, which would apply across all their instant access accounts. The rates would then be published on the FCA’s website, so consumers could compare them easily”
So absolutely pointless, bit like the mortgage variable rate, the banks just set their own.
Interesting idea. I do believe in protecting the customer - this would be one way of doing that.
But at least their BSR would be published and easily comparable.
If you are the sort of person who leaves money in a savings account paying 0.05% I don’t think them publishing their BSR will help those people. The 0.05% rate is published as are all interest rates by banks.
Financially educating people would be a better idea (or force all banks to pay a minimum rate set by the BoE of FCA etc, but don’t think that’ll ever happen).