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The wait is finally over - today, for the first time in a decade, the Bank of England has raised the base rate, increasing it from 0.25% to 0.50%.
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Although the increase is immediate, we will have to wait and see if the full rise is given to all variable rate accounts.
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However, the early signs are positive, with a number of providers, such as Coventry Building Society, Nationwide and Hampshire Trust Bank, set to increase the rates across a range of their variable rate accounts from 1st December.
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Hopefully even more providers will make announcements in the coming days and weeks.
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Both providers' easy access accounts - which give the flexibility to move funds, if or when providers reflect the increase to the base rate - currently lead the market, paying 1.30% gross/AER.
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Be sure to keep an eye out for our regular Rate Alerts to stay up to date with the latest best buys or use our Rate Tracker tool to track how your accounts compare to rest of the market.
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If you would like any help with your savings, call us today on 0800 011 9705. We'd love to hear from you.
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Best Savings Deals Available Today
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Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 011 9705 to discuss your savings with one of our expert advisers.
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Ensure you get the best rates
Our free Rate Tracker © service monitors the rates on your existing savings accounts and compares them to the whole savings market. We'll then send you a notification when your rates are changing and let you know how they compare to the very best accounts available in the market.
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†High interest current accounts often have a number of conditions attached to qualify for the headline rate. Please ensure you carefully read the terms and conditions before proceeding. Many of these current accounts do not require customers to switch their main account.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
^Deposits held with RCI Bank are covered up to the value of €100,000 by the FGDR, which is the French equivalent of the UK Financial Services Compensation Scheme (FSCS). For more information on this, please call one of our advisers.
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