It has now been two weeks since the Bank of England increased the base rate to 0.75% and as we promised last week, we want to keep you up to date with what is happening, so you can check whether you have been one of the lucky ones.
It is unlikely, as so far good news has been sparse. At the time of writing, only 25 providers have shown their hand – that’s just 17% of the market. And some of these have been truly shocking, especially, surprise surprise, the high street banks!
For example, Lloyds Bank has made the decision to increase the rate on just two of its accounts. But it's chosen to ignore savers who have funds in its Easy Saver account. This will continue to pay just 0.20% gross/AER.
NatWest and Santander are just as bad. They are raising rates on a few more, but not all accounts. And as the average increase on those that were changed was just 0.16% and 0.18% respectively, this shows that you are unlikely to receive the full 0.25%. Both their key easy access accounts (NatWest Instant Saver and Santander Everyday Saver) have increased by just 0.10%.
Halifax will be increasing just six out of its 44 accounts. And HSBC has not yet revealed all of its changes. But we do know that the infamous Flexible Saver is increasing by just 0.10% - so will pay the worst easy access rate on the high street of 0.15% gross/AER.
Barclays was the last of the high street banks to show its very poor hand. Whilst it has increased the rates on most accounts, they are mainly very small, the average being just 0.07% and the easy access Everyday Saver will increase by just 0.05% - to 0.25%.
This is such shoddy behaviour from these big providers, surely now is the time to switch your loyalty somewhere else. See below for a rundown of this week’s latest rate announcements.
In the meantime, check out our best buys to search for those providers who clearly want your cash and are paying a competitive return for it. From best buy easy access and notice accounts, to fixed rate bonds, it is time to make the switch.
And check in next week to see the highlights – or more likely the lowlights.
Remember, if you think your friends and family will find this useful too, forward this to them so that they can stay up to date.
*Help to Buy ISA will increase by 0.50% to 2.50%
^Regular Saver will increase by 0.50% to 1.50%
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