One month on from the Bank of England base rate hike from 0.5% to 0.75%, many of the nine biggest high street banks have failed to pass on the 0.25-point rise, research from data analysts Moneyfacts reveals.
The average easy-access rate has risen by just 0.06 percentage points, it says. The rates on the big banks’ easy-access accounts get nowhere near to matching base rate and some including Lloyds Bank Easy Saver, NatWest Instant Saver and RBS Instant Saver pay as little as 0.2%.
Coventry Building Society still pays 1.4% on its Limited Access Saver, which includes a 0.25 percentage point bonus and limits you to making three free withdrawals every 12 months.
On easy-access Cash Isas the best rate comes from Virgin Money’s Double Take E-Isa at 1.35%, but you are limited to making two withdrawals a year.
The top rate with no withdrawal restrictions is Shawbrook Bank Easy Access Cash Isa 4 at 1.3%.
On fixed-rate Cash Isas, Bank of Cyprus pays 1.54% for a year, with Paragon and Ford Money both at 1.5%. You can earn 1.5% with Coventry Building Society if you tie your money up until the end of November next year rather than for just 12 months.