Thursday, 9 November 2017

Some savers 'worse off' as banks fail to pass on rate rise

Seven days after the rise in base rates, just 17 out of 150 providers have passed on improved returns to their savers.

The Bank of England raised rates by 0.25% to 0.5% last Thursday, the first rise in a decade.

Many banks are still considering whether to pass on the benefits.

But even if their provider does choose to increase rates in full, some savers will still find themselves worse off than when rates were last at 0.5%.

NS&I is among the providers that have announced an increase. The returns on all its variable rate products, including premium bonds, will rise by 0.25% from 1 December.

BBC       News.