Personal Savings

(asked on 15th July 2019) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will meet with (a) banks and (b) other financial institutions on recent reports of personal savings accounts with £170 billion and for which no interest is paid.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 18th July 2019

Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including banks and other financial institutions, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel.

Interest rates on savings accounts are set by the institution providing the account. As this is a commercial decision, the Government does not seek to intervene. If a customer is not content with the interest rate they receive, Government encourages them to shop around to find the best savings account for their needs.

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