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Stop Telling Me What To Do

Do we really need the Financial Conduct Authority to tell savers to shop around for the best rates or to force banks and other institutions to be more open about publishing cuts in interest rates?

There is already plenty of information available via the internet and “best of” tables published in the press to enable savers to make up their mind where the best home is for their cash. Just do it! It’s your money - make the most of it.

Image of four piggy banks a calculator and paperwork

We must take responsibility for our actions.  Of course banks and others could be more open about the rates they are paying – or in some instances not paying – but equally anybody who wants to see their money grow will be frequently looking around for better rates.

After all deposit accounts, cash ISAs and easy access cash accounts are hardly rocket science.  If anything is needed it is forcing institutions to make it easier for savers to switch accounts.  That is one area in which the FCA can help further.

 

 

 

Author: Paul Quade

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