Some savings providers are not passing the Bank of England's 0.25 per cent rise on to customers, one expert has claimed.
A number of banks and building societies offered increases below the full amount, while some had cut savings rates earlier in the year, which will still leave consumers short-changed, warned AWD Chase de Vere.
Additionally, some savings providers have opted not to pass any improvements on to their clients, the company stated.
Icesave performed the best after the rate shift, claimed the company, offering a 0.25 per cent increase in savings rates on November 15th, boosting their offering to 5.45 per cent, AWD noted.
"There seems to be little rhyme or reason to individual account rate increases, apart from with tracker products, which tend to follow the Bank of England by definition," the company remarked.
"Some have even chosen to ignore it completely."
Rachel Thrussel, head of savings at Moneyfacts, recently advised consumers to opt for savings accounts which offer a simple withdrawal service with no additional requirements.
Not all savings providers boosting rates, expert claims
Not all savings providers boosting rates, expert claims
Mon, 04 Dec 2006
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