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Rates for savers

EDM (Early Day Motion) 201: tabled on 22 June 2022

Tabled in the 2022-23 session.

This motion has been signed by 5 Members. It has not yet had any amendments submitted.

Motion text

That this House notes one financial institution, a mutual, has announced a savings rate of 5 per cent, marking a departure from most banks and building societies that in the current economic climate where inflation is approaching 10 per cent, are still offering most savers derisory rates of 1 per cent - 2 per cent, calls upon other financial institutions to review their rates for savers especially when many older people rely on interest from savings to supplement their income at a time when energy and other costs are escalating at an unprecedented rate.