UK Finance and members want to help customers make the most of their money. Savings rates have increased recently and there are a lot of good accounts on the market – UK banks have passed through a greater proportion of interest rate rises to savers than in other countries.

“Today’s commitments build on the work firms are currently undertaking, which includes contacting millions of customers about savings options, and will help customers to better understand their savings and the options available to them. There is a competitive market for savings and we always encourage people to shop around for the account and interest rate best suited to their needs. The industry will continue working with the Financial Conduct Authority to ensure good outcomes for customers.