Plans to protect loyal savers with a minimum interest rate have been shelved by the banking regulator after interest rates plunged to rock bottom in the virus crisis. Plans to protect loyal savers with a minimum interest rate have been shelved by the banking regulator after interest rates plunged to rock bottom in the virus crisis (stock picture)But now the plans have been abandoned. The FCA yesterday said that because interest rates were so low, enforcing a minimum rate would make little difference. Savings rates in Britain have been close to rock bottom since the financial crisis of 2008. As interest rates for new products fall, so does the gap between rates paid to new and long-standing customers, and the size of the harm falls.’

Source: Daily Mail November 13, 2020 22:06 UTC