Sinn Féin MLA Colm Gildernew has criticised the failure of banks to increase savings rates despite the increase in mortgage interest rates.

The party’s finance spokesperson said:

“Workers and families have been hammered by increases to mortgage interest rates which are at a 15 year high.

“Banks are increasing their profits with 5% interest rates while savers see little benefit with savings rates as low as 0.85% in some banks.

“Customers are frustrated by this rip off and the reality that the banks are refusing to increase savings rates while charging customers higher mortgage repayments.

“This is patently unfair.

“I have written to the Financial Regulator and called on them to ensure that banks offer better saving rates to their customers.

“From the 31st of July the Financial Conduct Authority are obliged to make banks show that they are offering customers a fair price.

“I will continue to press the FCA to ensure that this and other measures are enforced so that Banks offer better savings rates for customers.”