Some of the biggest banks have boosted their savings rates, but most customers won’t feel the benefit.
Barclays has put up its Everyday Saver easy-access rate from 1 per cent to 1.5 per cent and Santander’s easy access rate went from 2 per cent to 2.5 per cent.
They are far behind the market leading 4.51 per cent from Chip, a payment services firm, and the big banks are under pressure to pass on recent rises in the Bank of England base rate, which is now at 5 per cent.
This week the Financial Conduct Authority, the City regulator, said that it wanted “faster progress” from banks to ensure that customers were “benefiting from better value”.
But the increases that have come are not all