in the know

Banks told to stop short-changing loyal savers..

Millions of savers who leave money in the same account for years should get a better deal under plans published by the City regulator.

Under the proposals, banks would have to set a single long-term interest rate for all easy access savings accounts to avoid the loyalty penalty.

The Financial Conduct Authority (FCA) said providers could still offer one-year introductory offers.

But the new single rate should avoid banks whittling down rates after that.