Treasury Committee expands campaign to encourage banks to boost savings rates

The Treasury Committee said it has written to Nationwide Building Society, Santander, TSB and Virgin Money about their easy access savings accounts.

The Treasury Committee has widened the net in its campaign to encourage banks to boost the savings rates offered to loyal customers (Gareth Fuller/PA) (PA Archive)

A powerful committee of MPs has widened the net in its campaign to encourage banks to boost the savings rates offered to loyal customers.

The Treasury Committee said it has written to Nationwide Building Society, Santander, TSB and Virgin Money about their easy access savings accounts.

The committee has been probing some low savings rates and wants to shed light on how banks and building societies determine the level of interest rate increases to pass on to savers and whether they inform their loyal customers that higher alternatives may be available.