The FCA has time this morning published the lowest interest rates offered by 32 providers of easy access cash savings accounts and easy access cash ISAs for the first time.

The move is part of plans to make switching easier and quicker for savers.

The aim of publishing the rates is to shine a light on firms’ strategies for longstanding customers. The information will be published on a trial basis for 18 months at six-monthly intervals.

From December next year, firms will have to provide clear information on interest rates offered on cash savings products as well as clearly reminding consumers about changes in interest rates or the end of an introductory rate.

The regulator also announced it is aiming to deliver seven working day switching for the vast majority of cash ISA transfers from January 2017

Christopher Woolard, Director of Strategy and Competition at the FCA, said: “With many savers never switching because they don’t think it will make a difference, our rules will help consumers get the information they need to shop around.

“In a good market, providers should be competing to offer the best possible deal and should a consumer wish to move accounts, they should be able to do so with the minimum of fuss.

“Our rules are about giving consumers the facts they need to make an informed decision about what to do with their savings, and the ability to act on it quickly.”

New rules include:

• Requiring firms to provide key information in a product summary box at point of sale, replacing provisions about the summary box that currently sit in confirmed industry guidance.

• Being clear on what interest rate consumers are getting. Introducing a new rule requiring firms to display interest rate information prominently alongside account balance information in all rate related customer communications.

• Quicker and easier switching. Introducing a new rule, which requires firms to provide a prompt and efficient service so that a customer can switch to a better account offered by the same firm.

The finalised rules will come into effect on 1 December 2016.