Rates for savers

Motion Text

That this House notes one financial institution, a mutual, has announced a savings rate of 5 per cent, marking a departure from most banks and building societies that in the current economic climate where inflation is approaching 10 per cent, are still offering most savers derisory rates of 1 per cent - 2 per cent, calls upon other financial institutions to review their rates for savers especially when many older people rely on interest from savings to supplement their income at a time when energy and other costs are escalating at an unprecedented rate.