Steps obliging banks to establish the lowest interest rate for savings accounts could be taken, said the Financial Conduct Authority.
The authority expressed its concern that people loyal to one bank or building society get too little for their money. There are banks that have a rate set at 0.05% per year on easy access accounts.
The Basic Savings Rate would pertain to all of easy access individual savings accounts. It would be effective after opening of an account for a certain period as a year or some other.