UK's biggest banks accused of short changing savers - are you missing out on better rates?

Barclays, HSBC, Lloyds, NatWest and Santander have come under fire for flouting new rules, with ‘below average’ rates on easy-access accounts

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(Image credit: Getty Images)

The UK’s biggest banks - Barclays, HSBC, Lloyds, NatWest and Santander- have been accused of short-changing savers and failing to adhere to new rules about how they must treat customers.

According to data from comparison site Moneyfacts, the ‘big five’ high-street banks continue to offer easy access savings rates well below the average, despite the obligation to offer fair value to savers through the Financial Conduct Authority’s Consumer Duty rules.

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Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.