Interest rates rise for first time in 10 years.

Savers have been offered some hope as a wave of providers pledged to boost their rates.

Britain’s biggest building society, Nationwide, said it would be increasing savings rates by 0.25% for all members who received a reduction of 0.25% as a result of the bank rate reduction in August 2016, including the Society’s most popular products.

Yorkshire Building Society said it would add the full 0.25% rate increase on to its variable rate accounts, while TSB said it would also tweak rates on variable rate savings accounts upwards.

Santander has said savings products linked to the base rate will move in line with the increase.

HSBC said that while its savings rates are not directly linked to the base rate, it will be reviewing these in light of the Bank of England’s base rate decision.

Lloyds Banking Group, which includes Halifax, has also said it will review its savings rates.

According to figures from Moneyfacts.co.uk, savings rates slumped after the base rate was cut from 0.5% to 0.25% in 2016.

The average easy access savings account on the market paid 0.54% just before the Bank of England base rate was cut from 0.5% to 0.25% in 2016, but more recently it has fallen to just under 0.4%.

As well as the low base rate, schemes such as funding for lending have been blamed for depressing savings rates further, as banks have been less reliant on needing to attract savers with attractive rates.

Charlotte Nelson, a finance expert at Moneyfacts, said: “Today’s rate decision may see some savers jump for joy.

“However, savers may want to hold back on the celebration, since the link between base rate and savings rates seems to be severed.

“Savers have struggled to find a decent return with rates at rockbottom. For example, the average easy access account stands at 0.39% today, while in July 2007 (the last time base rate rose) it stood at a whopping 4.05%.”