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5 Aug 2020

News

One week on and the base rate affect has barely started

Lisa Taylor, analyst at Moneyfacts.co.ukthe money search engine, comments:

“The latest base rate rise was almost a foregone conclusion; the only uncertainty was whether the rise would be a half or quarter percent. With consumers already having to contend with a 0.75% increase in the last nine months, the 0.25% will definitely be easier to swallow.

Savings

“Unlike the January rate increase which came out of the blue, providers have been able to plan for this latest rise. But still the savings market has been traditionally slow to react, with only 42 savings providers announcing changes to some or all of their savings range, and so far only 24 have applied the higher rates to their whole product range.

“As expected the first accounts to move are those directly linked to base rate, so any account which either tracks base or has a rate guarantee. Unusually a handful of building societies have been quick off the mark in announcing their changes, which usually filter through around the start of the next month once they have completed their board discussions.

“The fact that almost every company so far has passed on the full quarter point rise is a sign of the competitive nature of the savings market. But with over 80% of providers yet to make an announcement on their full range, consumers should perhaps wait a while before shopping around for a new savings account.

“While Anglo Irish Bank has only opted for a 0.20% rise, it must be noted that only a month ago they increased their rates by 0.10%. And both their Easy Access Deposit account and 7 Day Notice both pay market leading rates.

Mortgages  

“Similarly mortgage lenders have been slow to amend their SVR rates, with almost 100 still to announce. Unsurprisingly all bar three of the increases have been for the full 0.25%, with only Scottish BS opting for a smaller rise of 0.20%. 

“The exceptions are Intelligent Finance, which opted for a 0.45% rise and Standard Life Bank which increased by 0.30%. Although the Intelligent Finance increase may appear high, its product range is not linked to their SVR, so the only borrowers who will face this increase will be those paying the SVR as a revert-to rate after their deal expired. While the 0.30% rise from Standard Life Bank will impact not only on their reverts to SVR, but their full variable rate range too.

“The list also includes several of the largest mortgage lenders, including Nationwide BS and Halifax, whose SVRs stand at 6.99% and 7.50% respectively. With these early announcements, often seen as the benchmark within the industry, it shouldn’t be too long before we see more lenders following their lead.”

 

Details of mortgage and savings changes listed below.

Savings

Provider

Rate Change

WEF

Accounts changed

Anglo Irish Bank

by 0.20%

16.5.07

All but also went up 0.10% 18.4.07

Bank of Cyprus UK

by 0.25%

10.5.07

All

Bank of Ireland (GB)

by 0.25%

11.5.07

All except Young Saver

Barnsley BS

by up to 0.30%

2.6.07

All

Beverley BS

by 0.25%

1.6.07

All

cahoot

by up to 1.40%

21.5.07

All (only one account)

Capital One Savings

by 0.25%

11.5.07

All

Close Brothers

by 0.25%

10.5.07

Crystal only

Clydesdale Bank

by 0.25%

11.5.07

Savings A/c Plus only

Coutts & Co

by 0.25%

10.5.07

TOISA only

Halifax

by 0.25%

11.5.07

Guaranteed Saver only

Hanley Economic BS

By 0.25%

1.6.07

All

Harpenden BS

By up to 0.30%

1.6.07

All

Heritable Bank

by 0.25%

18.5.07

All

Hoare & Co

by 0.25%

11.5.07

All

Julian Hodge Bank

by 0.25%

15.5.07

All

Icesave

 by 0.25%

18.5.07

All (only one account)

ING Direct (UK)

by 0.24%

1.6.07

Instant access account only

Intelligent Finance

by 0.25%

12.5.07

All

Kaupthing Singer & Friedlander

by 0.25%

14.5.07

All

Laiki Bank

By 0.25%

10.5.07

All

Leek United BS

by 0.25%

2.6.07

All

Liverpool Victoria

by up to 0.40%

18.5.07

All

Lloyds TSB

by 0.25%

10.5.07

Guaranteed Tracker only

Mansfield BS

by 0.25%

11.5.07

2 Products

Marks & Spencer Money

by 0.25%

11.5.07

All (only have ISAs)

National Savings & Investments

by 0.25%

10.5.07

Direct ISA only

Nationwide BS

By up to 0.45%

1.6.07

All

Newcastle BS

by 0.25%

11.5.07

55 Bond & 55 ISA only

Northern Bank (NI)

by 0.25%

11.5.07

All

Northern Rock

by up to 0.25%

9.6.07

All except Instant Access

Norwich Union

by 0.25%

10.5.07

All (only one a/c)

Nottingham BS

by 0.25%

17.5.07

Postal Tracker 60

Post Office®

by 0.25%

4.6.07

All (only one a/c)

Principality BS

by 0.25%

11.5.07

Base Rate Tracker Bond only

Progressive BS

by 0.25%

1.6.07

All

Sainsbury's Bank

by 0.25%

17.5.07

Internet Saver only

Skipton BS

by 0.25%

14.5.07

Branch Access Issue 2 only

Virgin Money

by 0.25%

17.5.07

All

West Bromwich BS

by 0.25%

14.5.07

Base Rate Tracker accounts only

Yorkshire Bank

by 0.25%

11.5.07

Savings A/c Plus only

Yorkshire BS

by 0.25%

13.5.07

Variable Rate Bond 3 only

Mortgages

 

New Customers

Existing Customers

Company

Rate Change

New Rate

W.E.F

W.E.F

Barnsley BS

0.25

7.49%

11.5.07

1.6.07

Beverley BS

0.25

6.69%

15.5.07

15.5.07

Bradford & Bingley

0.25

7.50 / 7.59%

11.5.07

11.5.07

Bristol & West Mortgages

0.25

7.59%

15.5.07

1.6.07

Britannia BS

0.25

7.20%

14.5.07

1.6.07

Cheltenham & Gloucester

0.25

7.50%

14.5.07

1.6.07

Chesham BS

0.25

7.45%

14.5.07

1.6.07

Co-operative Bank

0.25

7.49%

14.5.07

1.6.07

Coventry BS

0.25

7.59%

1.6.07

1.6.07

Darlington BS

0.25

7.57%

16.5.07

1.6.07

Dudley BS

0.25

7.49%

1.6.07

1.6.07

Earl Shilton BS

0.25

7.59%

15.5.07

1.6.07

Edeus

0.25

7.49%

10.5.07

10.5.07

Egg

0.25

6.49%

14.5.07

1.6.07

First Active

0.25

6.60%

11.5.07

11.5.07

First Trust Bank (NI)

0.25

7.55%

11.5.07

25.5.07

Giraffe Money

0.25

7.59%

15.5.07

1.6.07

Halifax

0.25

7.50%

15.5.07

1.6.07

Heritable Bank

0.25

7.24%

14.5.07

14.5.07

Hanley Economic BS

0.25

7.35%

1.6.07

1.6.07

Intelligent Finance

0.45

7.10%

12.5.07

12.5.07

Leek United BS

0.25

7.49%

1.6.07

1.6.07

Lloyds TSB Scotland

0.25

7.50%

14.5.07

1.6.07

Loughborough BS

0.25

7.15%

16.5.07

16.5.07

Melton Mowbray BS

0.25

7.49%

11.5.07

1.6.07

Mortgage Express

0.25

7.00 / 7.25%

11.5.07

11.5.07

Nationwide BS

0.25

6.99%

1.6.07

1.6.07

Northern Bank (NI)

0.25

7.55%

11.5.07

11.5.07

Northern Rock

0.25

7.59%

12.5.07

1.6.07

Platform

0.25

6.75%

10.5.07

10.5.07

Portman BS

0.25

7.49%

15.5.07

1.6.07

Standard Life Bank

0.30

7.06 / 7.26%

17.5.07

17.5.07

Scottish BS

0.20

7.19%

16.5.07

2.6.07

The Mortgage Works

0.25

7.49%

15.5.07

1.6.07

The One Account

0.25

6.60 / 7.45%

11.5.07

11.5.07

West Brom for Intermediaries

0.25

7.49%

12.5.07

12.5.07

West Bromwich BS

0.25

7.59%

12.5.07

1.6.07

 

NOTES TO EDITORS:

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

Regular Charts
We can supply you with regular weekly or one-off selection charts on many financial products including savings, mortgages, credit cards and personal loans. Our charts are independent, impartial, totally accurate and up to date. 
Please call Andrew Hagger on 0870 2250 512 for further information.

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