Stingy big banks deny savers rate rise
GREEDY banks are punishing loyal savers as they fail to pass on the full base rate rise.
It is a month since it went up by 0.25% to 0.75% and not one major bank matches this.
The average rate has risen by just 0.06% to 0.59%. Some banks have not even got round to passing on the previous 0.25% rise from last November.
Barclays increased its everyday saver by 0.15% in December and by 0.05% this month to take it to 0.25%.
HSBC’s online bonus saver rate first went up by 0.2% and then 0.1%, taking it to 0.55%. Lloyds, NatWest and RBS fare no better. However, Sainsbury’s Bank, Beverley Building Society and Vernon Building Society all passed on the full rate rise.
Moneyfacts.co.uk carried out the study. The site’s Rachel Springall said: “Savers should switch if they get a raw deal.”