‘Dear David,
Banks don’t have to rip us off to make a profit. But that’s exactly what they’re doing: Bank of England interest rates are rising but most banks aren’t upping the savings rates for their loyal customers, meaning their profits increase while people across the UK don’t get the benefits of higher interest rates. [1]
It sounds like a complex issue, but it boils down to this: hundreds of thousands of us could be losing out on around £300 a year. [2] That’s why MPs are demanding answers from high street banks and over 60,000 people have signed our petition telling banks to stop taking advantage of loyal customers. [3]
The pressure is building, but we need your help to keep up the momentum. Because if we’re going to get banks to take this seriously, we need to show them that we – their customers – won’t stand for being ripped off. We’re ready to kick up a fuss in public – until they do the right thing.
David, will you take 30 seconds to add your name to the petition?
Thanks for being involved,
Grace, Megan, Flo and the 38 Degrees office team
NOTES:
[1] Daily Express, Banks accused of ‘ripping off’ loyal savers for not passing on interest rate hikes
[2] See note 1.
[3]Financial Times, MPs extend campaign over low savings rates
38 Degrees, Banks: Stop taking advantage of loyal customers
In case you missed it, here’s the earlier email;
________________________________
Dear David,
In the midst of the cost of living crisis, Britain’s biggest banks are taking advantage of us, their loyal customers. How? Well banks are making a profit out of rising interest rates – but they aren’t passing it on customers with existing savings accounts. So while we’re all struggling to make ends meet, banks are just getting richer. [1]
But here’s the thing – this issue is in the news right now, and banks have been put under the spotlight. MPs recently grilled them in Westminster, and now the FCA – the body who regulates banks – have said they’ll consider intervening if the issue continues. So banks will be feeling the heat – but we need to ramp up the pressure.
How? Well right now the voice of the public – their customers – is missing. A huge petition, signed by tens of thousands of us, could be the first step in sending a strong message to banks that we will not stand for this unfair practice. Together, we can turn up the heat and make sure banks pass on their profits.
So, David, will you add your name to the petition and demand higher interest rates for your savings account? It only takes 30 seconds to sign.
Right now, the country is struggling as the cost of living continues to soar. [3] Bank’s customers are the ones keeping them afloat. They’ve raised our mortgage rates, but they aren’t rewarding loyal customers by sharing the profits on savings. In fact banks are only offering new customers better deals to incentivise them to switch providers. While existing customers are left with the same low interest rates they’ve had before. [4]
It might feel hard to imagine that we can get the UK’s biggest banks to take action but we’ve done it before. Last March, over 80,000 of us came together and pushed HSBC to cut ties with Russia. [5] Later that month they increased sanctions and scrutiny of Russian clients worldwide. [6] Together we can take action again, and shame banks into prioritising their customers over their own profits.
Please add your name to the petition and demand better interest rates for ALL customers. It only takes 30 seconds to sign. It will only take 30 seconds to sign.
Thanks for being involved,
Amoke, Megan, Robin & the 38 Degrees team
NOTES:
[1] The Guardian: Regulator warns UK banks over miserly savings rates for loyal customers
[2] UK Parliament: FCA responds to Treasury Committee on high street bank savings rates
[3] CNBC: UK inflation is just not going down as cost of living crisis offers ‘no respite’
[4] See note [1]
[5] City AM: Exclusive: HSBC customers threaten to switch banks unless it cuts Russian oil ties
[6] Reuters: Exclusive: HSBC steps up scrutiny of Russian clients worldwide as sanctions ratchet up‘