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James Blower, founder of the Savings Guru, added: “There’s been a lot of upwards increases but the issue isn’t with those in the best buy tables, it is with the big banks who still think paying 0.5 to 0.6 per cent is acceptable. “It’s frustrating that some accounts will not change for days or weeks later – or even at all.” Ms Bowes added: “Some providers are much better than others about passing on the good news of a base rate rise – that means the speed at which any hikes happen, as well as the amount of the rate rise. Lloyds increases savings rates to 6.25% - but you'll have to pay a monthly fee to get it 02 March, 2023 UK mortgage rates expected to increase again, brokers warn 28 February, 2023 Why opening a bank account online is better than doing it on the high street 23 February, 2023 The chief executives of Lloyds, HSBC, Barclays and NatWest were grilled by the Treasury Select Committee and asked to justify why so many of their customers were receiving as little as 0.55 per cent for their savings when the base rate sits at 4 per cent.īosses said they were doing their best, despite many having easy access rates of just 0.55 per cent. It comes after MPs questioned bank bosses over why they are failing to pass on recent interest rate rises to savers during the cost of living crisis. However, it may be that more will do so in the coming weeks.Īnna Bowes of Savings Champion said: “We normally see a large amount of rate changes occurring at the beginning of the month following a base rate rise, so I’d hope to see a lot more activity soon.
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The average easy access rate across all banks is 1.8 per cent. Of the providers who have increased returns, they are only as much as 0.5 per cent, if not less, meaning only two easy access and variable accounts on the market match the 4 per cent base rate. NatWest has also increased bonuses to its employees, paying out £367.5m and Dame Alison will be receiving a bonus of £5.25m.
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