Petition · past parliament
Make banks apply interest rates increases on current accounts & mirror mortgage
Rejected
10 signatures
What the petition asks
Where the Bank of England imposes interest rate increases, some banks apply the interest rate increases immediately to a customer mortgage account yet those banks have no obligation to apply (and often do not apply) any interest rate increases to the same customer's current account with that bank.
It is common sense and the right thing thing to do. Enforcement of applying rate increases to current accounts would be relatively easy to manage. Also the means and resources to ensure such enforcement would be proportionate the benefit received by the public from having that extra interest earned in their current accounts. My own mortgage with HSBC has increased by £135 per month (£1620 in the last year) yet my related current account has received no rate increases during the same period.
Why it was rejected
It asked for something that is not the responsibility of the UK Government or Parliament.
Decisions about how interest rates are applied to savings accounts is a matter for individual banks, rather than the Government or Parliament.
Timeline
| 24 Sep 2022 | Petition opened for signatures |
| 29 Sep 2022 | Rejected by the Petitions Committee |
Key facts
Signatures
10
Status
Rejected
Rejected
29 Sep 2022
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Source: the official petition page. Last checked 15 Jul 2026.