Cash point

Long-suffering savers will welcome the base rate rise last week, hoping for a boost to the paltry interest they are currently receiving.

But it could be short-lived as many providers continue to stay schtum on whether they will increase rates.

After the base rate rise in November 2017, it took a month before many banks and building societies passed it on – they were selective about which accounts got an improved rate and only a few passed on the full 0.25%.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “Savers with a First Direct bonus saver with a low balance received a rise of just 0.10%. Halifax raised some accounts by 0.15% and HSBC added only 0.2% to its online bonus saver. However, all three brands were quick to pass on a 0.25% rise to mortgage customers.

Even if some of the big names pass on the full 0.25% rate rise on their easy-access accounts, it will still leave savers on pathetic rates.

Barclays Bank’s access saver, Halifax’s everyday saver and Lloyds’ easy saver all pay just 0.2%, while the NatWest instant saver account pays an insulting 0.10%.

The best easy-access rates are Coventry Building Society’s 1.4% limited-access saver, Birmingham Midshires 1.35% (via birmingham midshires.co.uk) and Tesco Bank’s (tescobank.com) 1.34% internet saver.

Paragon Bank (paragonbank.co.uk) pays 1.31% and Sainsbury’s Bank (08085 405060) 1.3% on its defined access saver. HSBC has reached a near £600million settlement with US regulators over wrongdoing in the run-up to the 2008 financial crisis.

The investigation related to the sale of toxic mortgage-backed securities. It marks another big-money rap over the knuckles for HSBC. But it still made more than £8billion profit in the first six months of this year.

HSBC said it was “cautiously optimistic” about the global economy, despite looming trade wars.