In response to the Bank of England’s recent base rate hike to 5.25%, several savings providers have announced that they will be increasing their interest rates. Skipton Building Society and Nationwide Building Society are among the institutions raising their variable rates. HSBC and First Direct are also following suit by raising rates on their easy-access accounts and ISAs. Even digital challenger Chase, backed by JP Morgan, has decided to raise rates on its easy-access account. Nationwide is leading the pack with its Triple Access Online Saver, which will see a significant increase of 0.75%, bringing the rate up to 4.25%. Skipton Building Society has chosen to automatically add 0.25% to its variable rate savings accounts. Here is a breakdown of how these rates compare to the best in the market:
– Shawbrook: 4.63%
– Nationwide BS: 4.25% (0.38 percentage points difference)
– Chase: 4.1% (0.53 percentage points difference)
– Skipton BS: 3.6% (1.03 percentage points difference)
– HSBC: 2.25% (2.38 percentage points difference)
– First Direct: 2% (2.63 percentage points difference)
Skipton Building Society expects an average increase of 0.19% across its savings products, with some accounts receiving the full 0.25% increase. The average variable rate will now be 3.66%, while the lowest variable rate will be 3.25%. HSBC has raised its rates on easy-access accounts by 0.25%, including Premier Savings accounts and the Flexible Saver. In addition, HSBC has increased the Online Bonus Saver rate by 0.25% when a withdrawal is made in a month, resulting in a new rate of 2%. First Direct is now offering a minimum of 2% interest on easy-access balances, with the rate going up to 4% on balances up to £50,000 through the FD Bonus Savings Account. However, despite these increases, the rates offered by HSBC and First Direct still fall short when compared to the best in the market. Chase has also made an adjustment to its saver account, increasing the rate from 3.8% to 4.1%, effective from 14 August. Savers can deposit up to £500,000 with Chase, and the account is FSCS-protected up to £85,000 per person, like all the other banks mentioned.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
