Yorkshire Building Society will up its savings rate following BoE rise

The building society updated its website shortly after the Bank of England raised interest rates from 2.25 to three percent earlier today (November 3). It hasn’t yet confirmed what its new savings rates will be but has said it will let customers know as soon as possible. Yorkshire Building Society has said it will increase its savings rates (Image: Getty)Meanwhile, customers can also benefit from a free prize draw held every month offering them the chance to win £1,500.The first winner spoke exclusively to Express.co.uk about how she won even though she only opened an account the night before the draw.Nikki Magner, a mum from Peterborough, said she couldn’t believe it as she never usually wins anything.She said: ‘I had literally only just opened the account, I went back into the account to check my transfer had gone through and there was £1,500 sat in there.’Initially I thought something had gone wrong and I had transferred too much, not thinking I had won. And then I got the call. I am still absolutely over the moon.’DON’T MISSWinter energy bills to plunge as ‘world’s best country’ races to UK… [ALERT]These high street savings accounts pay over 5pc – check if you qualify [INSIGHT]Cash is king again rates hit 5% as Barclays, Lloyds and NatWest hike [UPDATE]300,000 Britons haven’t received £150 council tax rebate – check now [WARNING]To be entered into the Yorkshire Building Society prize draw, customers need to open a Make Me a Saver account where they can deposit up to £150 per month.Customers need to deposit at least £50 into the Make Me a Saver account in the previous calendar month.Recognise Bank has also said it will match the Bank of England’s base rate on one of its accounts. The new rate of three percent AER for the Business 95 Day Notice Account will come into force next Wednesday November 9, up from the 2.25 percent it paid previously.READ MORE: Millions worse off if PIP and Attendance Allowance are means tested The value of cash is falling (Image: Express)Laura Suter, head of personal finance at AJ Bell, warned that many people with mortgages will see their payments increase.She said: ‘Generally the interest rate charged on new mortgages rises as base rate increases. However, you’ll often find that mortgage rates rise before the base rate has increased.’Mortgages are priced based on a number of different factors, including competition in the market but also the cost of the money mortgage companies borrow to then lend out to borrowers – whether that’s from savers’ deposits or the wholesale market.’Meanwhile, Britons worried about their new mortgage payments can put their details into an online mortgage calculator which shows how much they can expect to pay after interest rate rise.