Today Barry Sheerman signed a motion urging banks and building societies in Huddersfield to publish interest rates to help ensure that savers are given the best interest rates on their accounts.
The Huddersfield MP has thrown his full-weight behind Early Day Motion 912 – Report on the Great British Savings Scandal which states:
That this House welcomes the recent investigation, The Great British Savings Scandal, highlighting the 12 billion savings gap between the interest earned by savers in instant access and notice accounts compared with how much they could earn in the top best rate accounts; is dismayed that this leads to an average loss of 322 per year for Britain's savers; commends bringing this outrage to the attention of the House; and calls on the banks and building societies to publish current interest rates on all statements, provide each customer with an annual notice of savings interest rates and provide a prompt for savers to check their account rate against other accounts.
Barry Sheerman commented, “I think it is disgraceful that our banks and building societies do not alert people to the high interest rates that they could be earning on their savings. It is the responsibility of banks to ensure that their customers receive the best interest rates on their savings. I want to ensure that every constituent in Huddersfield is getting the most from what they’re saving.â€
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