By Jonathan Davies

Millions of savers aren't getting a fair deal from big, high street banks, according to the Financial Conduct Authority (FCA).

The regulator said that in many cases, interest rates on accounts are 0.5% - the same as the Bank of England's record low base rate.

It led to the FCA calling for savers to be given clearer information and help about switching to better savings accounts. Eighty per cent of easy access accounts have not been switched in the last three years, it said.

But the City regulator is not keen on banning bonus rates - usually very high rates used to attract customers, and only last for a limited period of time.

"In a good market, firms should be competing to offer the best possible deal and consumers should have the information they need to help them shop around," Christopher Woolard, the FCA's director of strategy and competition, said in a statement.

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