UK consumers can take advantage of savings rates of more than 5%, yet some remain stuck at financial institutions that offer far lower returns. After publicly chastising firms that fail to pass on higher rates to savers, the UK Financial Conduct Authority is now launching a campaign to promote the benefits for savers that switch from low rates to higher rates.
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said they know that people are putting off switching for various reasons, but they could make their money work better from there. Mills says there are some great rates out there, and it takes just 5 minutes to locate a better deal.
The FCA reports that about half of savers (52%) said that they had switched, or were considering switching, their savings accounts, taking advantage of the continued availability of better rates. Around two-thirds (69%) of those surveyed said they would consider switching. This is according to a recent YouGov survey from November 2023.
The FCA’s campaign, which will spend £600,000 to advertise the benefits to consumers and will run across radio, digital audio, and social media.
Consumers will also be able to use a dedicated page on the FCA website to calculate how much they could earn in higher-rate savings accounts.