It’s really not a surprise that many providers are yet to announce their plans following the recent Bank of England base rate rise. What is a concern however is that of those that have announced, many of the providers' accounts are edging up by only the smallest of margins and some not have not changed at all.
Last week saw of flurry of announcements from the high street providers. All hugely disappointing of course but then if you don’t already know by now, the high street is not where you should be saving your money.
The paltry rates on offer from the high street banks show that there is no loyalty or desire for savers. Yet sadly, this is where most of our money is sitting.
So where are we now?
This week we’ve seen a few providers announce, but we suspect the bulk of the remaining announcements will now come in at the very end of the month or beginning of next month.
First up, credit where credit is due.
Holmesdale Building Society, Beverley Building Society and Swansea Building Society are increasing all their rates by the full 0.25% rise in the base rate. A rare move based on the announcements so far, so they definitely should be commended.
News from the other providers who have announced this week is mixed. Many customers of Kent Reliance will see no change at all, as less than a quarter of their accounts have increased. Of those that have, the range is between 0.04% and 0.35% - a big difference.
Manchester Building Society and Scottish Building Society are increasing the rates on all of their accounts but again the gap is large. Some will see a rise of 0.10%, whereas just over a fifth of Manchester customers will enjoy 0.25%
Take a look at our updated table below to see a summary of how your provider might be treating you.
Finally, BLME has announced a change to its 90 day notice account - increasing the rate by double that of the base rate rise, going from 1% to 1.50%. This makes the account appealing but better rates can still be found elsewhere.
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| Provider | Did all Rates Change | Lowest Increase | Highest Increase | Average Increase | Effective Date(s) |
| Aldermore | No | 0.25% | 0.25% | 0.25% | 31-Aug |
| Bank of Scotland | No | 0.15% | 0.25% | 0.22% | 31-Aug |
| Barclays | No | 0.05% | 0.10% | 0.07% | 03-Sep |
| Beverley Building Society | Yes | 0.25% | 0.25% | 0.25% | 28-Aug |
| C.Hoare & Co | No | 0.10% | 0.25% | 0.18% | 06-Aug |
| Cahoot | Yes | 0.15% | 0.15% | 0.15% | 03-Sep |
| Cambridge Building Society | No | 0.05% | 0.25% | 0.15% | 30-Aug |
| Cater Allen | No | 0.10% | 0.25% | 0.20% | 31-Aug |
| Co-op Bank | No | 0.03% | 0.25% | 0.06% | 30-Aug |
| Coventry Building Society | No | 0.05% | 0.25% | 0.17% | 01-Sep |
| Cumberland Building Society | Yes | 0.15% | 0.30% | 0.21% | 01-Sep |
| Halifax | No | 0.25% | 0.25% | 0.25% | 31-Aug |
| Hanley Economic Building Society | Yes | 0.10% | 0.15% | 0.14% | 01-Sep |
| Hinckley and Rugby Building Society | No | 0.10% | 0.30% | 0.13% | 29-Aug |
| Holmesdale Building Society | Yes | 0.25% | 0.25% | 0.25% | 01-Sep |
| HSBC | No | 0.10% | 0.25% | N/A | 03-Sep |
| Kent Reliance | No | 0.04% | 0.35% | 0.21% | 01-Sep |
| Kingdom Bank | No | 0.10% | 0.10% | 0.10% | 03-Aug |
| Lloyds Bank | No | 0.15% | 0.25% | 0.20% | 31-Aug |
| Manchester Building Society | Yes | 0.10% | 0.25% | 0.17% | 01-Sep |
| Nationwide Building Society | No | 0.05% | 0.25%* | 0.10% | 01-Sep |
| Natwest | No | 0.05% | 0.25%*^ | 0.16% | 03-Sep |
| Newbury Building Society | No | 0.10% | 0.25% | 0.17% | 13-Sep |
| Royal Bank of Scotland | No | 0.05% | 0.20% | 0.10% | 03-Sep |
| Saffron Building Society | No | 0.10% | 0.30% | 0.24% | 31-Aug |
| Santander | No | 0.10% | 0.25% | 0.18% | 03-Sep |
| Scottish Building Society | Yes | 0.10% | 0.20%~ | 0.20% | 17-Sep |
| Skipton Building Society | No | 0.05% | 0.30% | 0.16% | 31-Aug |
| Smile | Yes | 0.13% | 0.28% | 0.21% | 30-Aug |
| Swansea Building Society | Yes | 0.25% | 0.25% | 0.25% | 01-Oct |
| TSB Bank | No | 0.10% | 0.25% | N/A | 01-Sep |
| Ulster Bank | No | 0.10% | 0.10%* | 0.11% | 03-Sep |
| *Help to Buy ISA will increase by 0.50% to 2.50% | |||||
| ^Regular Saver will increase by 0.50% to 1.50% | |||||
| ~Regular Saver will increase by 0.40% to 2.00% | |||||
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