MPs accuse banks of ‘blatant profiteering’ as savings rates remain low

Commons Treasury committee writes to four largest banks saying they risk falling foul of incoming City rules

MPs have accused high street banks of failing on their social duty" to promote saving and instead engaging in blatant profiteering" by continuing to offer paltry rates.

Members of the Commons Treasury committee raised their concerns in a fresh round of letters to the chief executives of the UK's four largest lenders, which the MPs said had failed to substantially raise returns on accounts that do not force customers to lock in cash or limit withdrawals, despite the base interest rate rising to 5%.