Bank chiefs have reportedly been summoned by regulators to answer questions on concerns that the rates offered to savers are lagging behind surging mortgage costs.

Bosses at HSBC, NatWest, Lloyds and Barclays are expected to attend the meeting with the Financial Conduct Authority (FCA) on Thursday amid accusations that they are profiteering from rising interest rates.

The FCA and executives will discuss the pricing of cash savings accounts and how banks communicate what deals they offer to customers, according to the Financial Times.

The Bank of England has increased interest rates for 13 consecutive meetings from 0.1pc to 5pc.

However, while the average two-year fixed mortgage deals stands at 6.42pc, according to Moneyfacts, the typical rate on an easy-access savings account is only 2.43pc.

The FCA has been contacted for comment.

Read the latest updates below.