Which savings providers have been first out of the savings blocks following the base rate rise last week?

10th November 2017

Unsurprisingly, few providers have shown their hands yet, but a small number have already promised to pass the full 0.25% base rate rise to their existing customers, while others are already making their excuses.

 

The devil, of course, will be in the detail and we have kept meticulous records of all the rate changes that happened as a result of the base rate cut in August last year (and any further cuts that happened outside of this). So, over the coming weeks, we will be bringing you more information about who is whiter than white and who might be using smoke and mirrors.

 

For example, Virgin Money has made more than one cut on many of its accounts, the latest raft taking effect in the same week that the base rate was expected to (and did) rise – so, although they are yet to announce the increases they’ll make, we anticipate that there will be many disappointed Virgin savers.

 

Similarly, Yorkshire Bank/Clydesdale Bank cut the rate on their popular and market leading Cash ISA - 40 Day Notice accounts by 0.50% following the base rate cut in August 2016. But in March 2017, they then ‘simplified’ and transferred all customers into the Cash ISA – Instant Access account, which means that some savers have seen a drop to the interest they are earning of up to 1.25%. Yorkshire Bank/Clydesdale Bank are yet to confirm what they plan to do with their variable rates.

 

And we’ll still have to wait and see whether the best buy rates will continue in the upward direction that they’ve been on all year.


Coventry Building Society is renowned for treating its customers well and have not disappointed us.


Many of their accounts are already paying competitive rates for loyal customers, as well as new – yet they were one of the first to announce that they’d be passing the full 0.25% on from 1st December.


Of course, if you who are currently languishing in a poor-paying variable rate savings account, you don’t need to wait and see what your current provider will do – simply add 0.25% to the rate you are currently earning and see if you can do better. Alternatively call us to speak to one of our savings experts on 0800 321 3581, we’d love to help you.

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