Money Box Live: Making Sense of Savings
As pressure mounts on banks to put up interest rates for savers, we take a look at what the options are for people trying to save money in a cost of living crisis.
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)
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