Best rates for savers 'collapsing'

Press Association
Money in pocket
Money in pocket

The best rates for savers are "collapsing" following the launch of a Government scheme to encourage banks to lend to households and firms, a consumer help website has warned.

The £80 billion funding for lending scheme (FLS) was launched to boost borrowing by giving lenders access to cheap finance - but analysts have suggested this has made them less reliant on the need to attract savers' deposits.