Jenny Ross, Editor of Which? Money, said:
“For too long now, savers have found themselves stuck earning paltry returns as firms have taken advantage of their long-term customers. Switching is complicated by firms offering a huge array of products at different rates, often with unclear pricing information, so it’s right that the regulator is intervening with the introduction of a single easy access rate.
“The FCA must now closely monitor how this rate will work in practice, to ensure it is successful in making the market simpler to understand and delivering better returns for savers.”