Emma Dunkley, Siddharth Venkataramakrishnan, Laura Noonan and Jane Croft in London
The UK’s financial watchdog has summoned bank chief executives to address concerns that savings rates are lagging behind the surging cost of mortgages.
Top bankers at HSBC, NatWest, Lloyds and Barclays are expected to attend a meeting at the Financial Conduct Authority on Thursday amid accusations they are profiteering from rising interest rates, according to people familiar with the matter.
The Bank of England raised rates to 5 per cent last month. While the average rate on a two-year fixed rate mortgage has leapt to 6.42 per cent, according to Moneyfacts, the average rate on an easy access savings account is only 2.43 per cent.
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