Bank CEOs have been asked to explain the dismal savings rate.

The banking regulator in the United Kingdom has called meetings with bank executives to discuss concerns over low savings interest rates.

Banks’ steep increases in mortgage rates in response to rising interest rates have not been accompanied by commensurate increases in savings rates.

When asked about the rising cost of living, many families cite this as a “issue which needs solving,” a sentiment echoed by Chancellor Jeremy Hunt.

On Thursday, the Financial Conduct Authority (FCA) will meet with the CEOs of four major banks: Lloyds, HSBC, NatWest, and Barclays.

According to the Financial Times, who first reported the meeting, the City watchdog will question the banks on their savings rates and their customer service.

“more than a dozen times since the beginning of last year, with every savings product seeing rate increases on multiple occasions,” HSBC stated of its rate hikes for savings accounts.

Barclays would not provide any additional information about the gathering, but did say that it “regularly” evaluated its savings rates.

In addition to asking Lloyds and NatWest, the BBC has also sought their perspectives.

The Chancellor tweeted, “@TheFCA has my full backing to ensure banks are passing on better rates as they should be.”

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