Make it law that savings interest rates go up same time as loans & mortgages.

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Petition Action

Make it law that savings interest rates go up same time as loans & mortgages.

Petition Details

This last decade's rock-bottom interest rates cost savers at least £100 billion in interest, because banks are quick to raise rates on loans & mortgages after BoE hikes, but are reluctant to offer the same, timely hikes for savings. Savers see this as immoral an highway robbery on our High Streets.

Additional Information

Before the 2008 crisis, from 1998 to 2007, savers earned £233 billion in interest. Following it, from 2008 to 2017, they earned just £129 billion because banks fail to pass on rate rises announced by the BoE.
Interest rates cost savers at least £100 billion in interest payments https://dailym.ai/2ot5PJ3
Millions of savers are being hit by rip-off rates https://dailym.ai/2PzyEin

We request that our MP's debate this in Parliament and create a new law that will enforce timely equitable treatment for interest rates on savings and retrospectively make good the deficit.

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