Hopefully, you’ve heard of our savings scandal campaign by now and changed to a better deal. Now we’re taking it further and pushing MPs to support the campaign, and we need you to help us make some noise.
Did you read about our Great British Savings Scandal campaign? If so, you’ll know that you could be getting a pitiful interest rate of 0.1% (or even less) on your savings, and losing out on up to £322 of interest each year.
We’re hoping you’ve used our savings booster tool to find a better savings deals and encouraged your friends and family to do the same. But now there’s another step we want you to take – asking your MP to end the scandal around savings rates make a noise about it in parliament.
Why? Well, by emailing your MP to encourage them to sign the EDM, we can identify the MPs who are supportive to our cause and target them in the future to take action in parliament.
Why we need your help
We know from experience that this approach works. In the past, your emails to MPs about confusing energy bills and tariffs resulted in several MPs writing to former Secretary of State for Energy and Climate Change Ed Miliband. This helped to make sure that Ofgem’s proposals were tough enough.
Now, Lorely Burt MP has tabled an Early Day Motion (EDM), which is essentially a petition that MPs can sign-up to show their support. It has already received cross-party support, but we need as many MPs to sign up to it as possible. Then we can continue to put pressure on the banks and building societies to change their ways.
So what do we want to get out of the EDM? We’re asking all banks and building societies to:
- Publish current interest rates on all statements
- Provide each customer with an annual notice of savings interest rates
- Provide a prompt for savers to check their account rate against other accounts
It’s not fair that savers are kept in the dark about the interest on their accounts and are losing out on a staggering £12b-worth. These simple measures would provide clarity and empower all of us to make the right choices about our savings accounts.
How to get involved
We’ve set up an online process that makes it quick and easy to email your MP. It only takes a few minutes, but if you want to take a little longer and add a personal message about your experience of poor savings rates it will help to create more of an impact.
So why not take action now – create some political heat and help people to take control of their hard-earned savings.