Submitted on Saturday 24th September 2022
Rejected on Thursday 29th September 2022
Current status: Rejected
Rejection code: irrelevant (see below for details)
Make banks apply interest rates increases on current accounts & mirror mortgage
Where the Bank of England imposes interest rate increases, some banks apply the interest rate increases immediately to a customer mortgage account yet those banks have no obligation to apply (and often do not apply) any interest rate increases to the same customer's current account with that bank.
It is common sense and the right thing thing to do. Enforcement of applying rate increases to current accounts would be relatively easy to manage. Also the means and resources to ensure such enforcement would be proportionate the benefit received by the public from having that extra interest earned in their current accounts. My own mortgage with HSBC has increased by £135 per month (£1620 in the last year) yet my related current account has received no rate increases during the same period.
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The Government e-Petitions Team gave the following reason:
Decisions about how interest rates are applied to savings accounts is a matter for individual banks, rather than the Government or Parliament.
3.139.72.78 Sat, 20 Apr 2024 04:18:13 +0100
