The base rate has risen by 0.25 percentage points since July, meaning firms have, on average, increased rates by more than the value of the August base rate rise across all types of account.
"This positively suggests some greater responsiveness from firms to the most recent base rate rise and greater competition in the market, although we recognise that some of this increase may be a delayed response from previous rises," the FCA said.
"We have continued to see savers moving deposits out of easy access accounts and into higher paying fixed-term and notice accounts."
The FCA said it will continue to monitor firms’ approaches to providing fair value for on-sale and off-sale savings products.
Following the introduction of the consumer duty, it requested nine firms to provide their fair value assessments (FVAs) for their lowest paying (on-sale) easy access savings accounts.
"Our review of these FVAs has raised important questions about how firms assess value," it said. "We will work closely with firms over the next few months to ensure their assessments are fit for purpose.
"We remain committed to taking robust action against firms who cannot demonstrate fair value."
sonia.rach@ft.com
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