Banks must now help you compare savings accounts, when a rate changes and make switching easier
Sweeping changes to savings accounts come into force nowadays which mean banks and building societies must assist individuals compare deals, obviously highlight every time an amount adjustments and eventually make switching much easier.
The brand new rules, purchased in by the Financial Conduct Authority, come at a moment when cost savings rates continue to crumble to historic lows.
Nevertheless, providers will today have to offer easy-to-understand major info in an initial summary package to assist savers compare accounts.
The FCA states it'll now assess the usefulness of publishing the tables.
The regulator provides that it is going to continue working with banks as well as creating societies on improving speed of transfers and think about whether even more intervention is actually necessary to enhance switching.
The brand new rules, purchased in by the Financial Conduct Authority, come at a moment when cost savings rates continue to crumble to historic lows.
Nevertheless, providers will today have to offer easy-to-understand major info in an initial summary package to assist savers compare accounts.
The FCA states it'll now assess the usefulness of publishing the tables.
The regulator provides that it is going to continue working with banks as well as creating societies on improving speed of transfers and think about whether even more intervention is actually necessary to enhance switching.
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