British banks face a tougher battle for mortgage customers and business borrowers in 2023, as rising costs and deposit rates paid to long-suffering savers threaten to outpace flatlining profit margins, senior industry executives and analysts said
calls from campaigners
Lenders say they have started to pass on higher rates to savers, adding that profitability is rebounding after years of low margins. But they are still adjusting. Pressure to immediately increase the rates banks pay savers has been intensified by the digital offerings from U.S. entrants into the market such as JPMorgan and Goldman Sachs, executives at the top British lenders said.
Lloyds' flagship Easy Saver instant access account paid just 0.6% as of Feb. 22, compared with 0.01% as of December 2021, the data showed. NatWest's Flexible Saver instant access account likewise offered 0.65%, up from 0.01% over the same period.
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