UK Banks told to look after savers

Is your money chained up? Credit: Joe Belanger Shutterstock

MANY people, especially those of an older generation leave money in a deposit account with their bank without realising that in the long term interest rates reduce and can be as little as 0.1 per cent.

The Financial Conduct Authority (FCA) is now warning banks that this will have to change and that although they may still offer special one-year introductory rates, they will need to set a single long-term interest rate for all easy access savings accounts.

If you don’t move your money around to get the best interest, you could lose out.

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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla.

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