August 02, 2023

Money Box Live: Making Sense of Savings

Listen Later

28 minutes

Bank bosses are being asked to explain why interest rates on savings aren't keeping up with the rising cost of borrowing.

The heads of Lloyds, HSBC, NatWest and Barclays banks will meet the Financial Conduct Authority (FCA) on Thursday.

Chancellor Jeremy Hunt has already stepped in to tell banks to put up rates for savers.

At the moment the Bank of England base rate is 5 per cent, following last months 13th consecutive rise.

UK Finance who speak for banks say "savings rates are driven by a number of factors," not just the base rate.

Laura Suter, head of Personal Finance at AJ Bell and Kirsty Stone, Chartered Financial Planner at The Private Office, are here to help make sense of your savings.

Presenter: Adam Shaw

Producer: Sarah Rogers

Editor: Jess Quayle

(First broadcast 3pm, Wednesday 5th July, 2023)

...more

View all episodes

View all episodes

Download on the App Store

Download on the App Store

Get it on Google Play

Money Box

By BBC Radio 4

4.1

2121 ratings

August 02, 2023

Money Box Live: Making Sense of Savings

Listen Later

28 minutes

Bank bosses are being asked to explain why interest rates on savings aren't keeping up with the rising cost of borrowing.

The heads of Lloyds, HSBC, NatWest and Barclays banks will meet the Financial Conduct Authority (FCA) on Thursday.

Chancellor Jeremy Hunt has already stepped in to tell banks to put up rates for savers.

At the moment the Bank of England base rate is 5 per cent, following last months 13th consecutive rise.

UK Finance who speak for banks say "savings rates are driven by a number of factors," not just the base rate.

Laura Suter, head of Personal Finance at AJ Bell and Kirsty Stone, Chartered Financial Planner at The Private Office, are here to help make sense of your savings.

Presenter: Adam Shaw

Producer: Sarah Rogers

Editor: Jess Quayle

(First broadcast 3pm, Wednesday 5th July, 2023)

...more

More shows like Money Box