Full list of banks increasing savings rates as soon as TODAY after Bank of England hike

BANKS and building societies have increased savings rates after interest rates were hiked this week.

The Bank of England increased rates by 0.25% on Thursday (August 3).

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The rate is used by high street banks and lenders to set the rates it offers customers on mortgages, loans and savings.

A rate rise is generally good news for savers, especially after a long stretch of getting very low returns.

Here’s the full list of banks and building societies we know are increasing rates following yesterday’s base rate rise.

The table above shows the highest percentage point increase from each bank.

So bear in mind that the increase may vary depending on what account you have and with what provider.

Starling Bank

Starling customers who have its one-year fixed savings accounts will see rates go up from 3.25% to 5.25%.

The change came in yesterday (August 3).

This is the biggest jump – though bear in mind this is a fixed savings account which means you won’t be able to top it up once it’s been opened or withdraw money during the fixed period.

Customers will automatically see the difference added to their account.

Nationwide

Customers with a Nationwide Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA will see their interest rise by 0.25 percentage points.

The highest rate will be on its one-year Triple Access Online Saver, which will now pay 4.25%.

Meanwhile, customers with a Flex Instant Saver 2 account will see the rate increase by 0.25 percentage points to 3.25%.

In addition the interest on the bank’s Instant Access Saver, Instant ISA Saver and Cashbuilder instant access accounts will increase by 0.10 percentage points.

Chip

Chip has increased the rate of its saver account to 4.51%.

Last month, the rate went up from 4% to 4.21% – up by 0.21 percentage points.

This means that those saving £1,000 in the account could now expect to gain £45.10 in interest after 12 months.

Monzo

Monzo is another bank upping its rates.

Its Personal and Joint Instant Access savings accounts now (August 4) have a 4% interest rate.

This is an increase from 3.70%.

This means that those saving £1,000 in the account could now expect to gain £40 in interest after 12 months.

Skipton Building Society

Another building society increasing its rates is Skipton Building Society.

Savers will see theirs go up by 0.25 percentage points across its variable rate savings accounts.

Santander

Santander is increasing its savings accounts by 0.25 percentage points for customers.

These include the Rate for Live and Good For Life savings accounts.

This will be effective from August 15 and customers will automatically see rates rise.

HSBC

HSBC has added 0.25 percentage points on its instant access savings accounts.

It means rates increased to 2.25% on Premier Savings and 2.00% on the Flexible Saver.

It has also added a 0.25 percentage points increase to its Online Bonus Saver rate when a withdrawal is made in a month, with a new rate of 2.00%.

Its MySavings children’s account is also increasing to 2.25%.

These will rise on August 10.

Chase

Chase bank has increased the rate of its savings account to 4.1%, up from 3.8%.

This is a 0.3 percentage point increase.

This will come into effect from August 14 and savers will automatically see the change.

This means that those saving £1,000 in the account could now expect to gain £41 in interest after 12 months.

Shawbrook

Shawbrook bank has increased the rates of its accounts too.

Its easy access, easy access ISA and one year fixed ISA went up on August 1 so actually before the base rate rise.

Easy Access went from 4.52% to 4.63% while the easy access ISA rose from 4.22% to 4.33%.

The Sun has asked First Direct if it is increasing rates and will update the piece once we know more.

Lloyds Banking Group, which owns Lloyds Bank, Halifax and Bank of Scotland said rates were under review.

Barclays also said it was reviewing rates while Natwest has not increased rates after yesterday’s news.

How can I find the best savings rates?

With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.

Research websites like MoneyFacts and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

There are five main types of savings accounts, and understanding the differences can help you narrow down the options.

• Easy-access savings accounts – usually allow unlimited cash withdrawals. However, this perk means they tend to come with lower interest returns.
• Regular savings accounts – generate decent returns but only on the basis that you pay in a set amount each month.
• Notice accounts – offer slightly higher rates than easy-access accounts but you’ll need to give advance notice to your bank (up to 95 days) before you can make a withdrawal or you’ll forfeit the interest.
• Fixed-rate bonds – these offer some of the highest interest rates. However, if interest rates increase during your term you can’t move your money and switch to a better account.
• Individual savings accounts (ISAs) – these can pay high interest but come with high withdrawal fees. But, Lifetime Isas are great for anyone aged 18-39 hoping to buy a house or save for retirement.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

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This post first appeared on thesun.co.uk