Last year this was 2.9% on average for Lloyds, NatWest and Barclays. Hunt may be able to get banks to hike their savings rates merely by veiled threats. After all, the government would only be getting banks to do what they should be doing anyway. “It is taking too long for the increase in interest rates to be passed on to savers, particularly with instant access accounts,” Hunt told parliament. Around 60% of household deposits are held in instant access accounts, the committee said.

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Persons: Banks, Jeremy Hunt, shouldn’t, it’s, Hunt, ” Hunt, “, Neil Unmack, Oliver Taslic Organizations: Reuters, Monday, Banking Group, NatWest, Barclays, Lloyds, JPMorgan, NatWest –, Alpha, Treasury, Bank of England, Labour Party, National Savings and Investments, of, Lloyds Banking Group, HSBC, Barclays –, Thomson