What a first rate move

Mil­lions get an in­ter­est rise...but they must wait un­til next month

Daily Mirror (Northern Ireland) - - SQUARE EYES - BY GRA­HAM HISCOTT Head of Busi­ness

A STATE-OWNED bank has in­creased in­ter­est rates for mil­lions of savers.

Na­tional Sav­ings & In­vest­ment is to pay an ex­tra 0.25% on five prod­ucts in­clud­ing some ISAS.

But “for op­er­a­tional rea­sons” the in­creases will not take place un­til next month – four weeks after the Bank of Eng­land dou­bled the base rate to 0.5%.

Pre­mium Bond hold­ers ben­e­fit too, with the chance of win­ning go­ing from 30,000 to one to 24,500 to one. The in­creases are far from star­tling but they are better than at a lot of banks.

Re­search by ex­perts Money­facts shows only six providers have in­creased sav­ings rates since last week or are poised to do so. An­other added just 0.05%.

The vast ma­jor­ity say rates re­main un­der re­view.

But many bor­row­ers are al­ready feel­ing the pain. A to­tal of 18 providers have al­ready an­nounced im­me­di­ate in­creases in their base rate tracker mort­gages.

GO­ING UP Sav­ings rate

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