Cashpoint

Royal Bank of Scotland and its Natwest arm will increase rates on many savings accounts on December 1. Some will rise 0.5% but the average is 0.2% – less than last week’s Bank of England’s 0.25% base rate rise.

Savings Builder, Natwest’s most popular savings product paying 1.5%, won’t rise, although RBS said it didn’t pass on last year’s Bank of England’s base rate cut to those customers.

Tesco Bank will increase its standard interest rate for savers by just 0.15% on December 1. Its Internet Saver will pay just 0.55% and its Instant Access Saver a paltry 0.4%.

Only a handful of providers have already passed on the full base rate rise, said Moneyfacts. National Counties Building Society has upped rates on three accounts, including its 5th Issue Branch Saver from 0.86% to 1.11%.

Aldermore’s Easy Access Issue 11 account has gone from 0.75% to 1%, matching the rise for Newcastle Building Society’s Community Saver Account. NS&I will increase rates on five products by 0.25% on December 1.