A large number of savings providers are increasing the rates on their products, an expert has noted.
In the wake of the Bank of England's base rate rise earlier this month, 31 financial services providers have followed suit and improved the rate of interest offered on their savings accounts, asserted Lisa Taylor, analyst at Moneyfacts.
The majority of these have raised the rate on their savings accounts by the full 0.25 per cent, she noted.
Post Office and AA Savings were among the first savings providers to announce that they would boost the interest rate for their customers.
However, Ms Taylor suggested that the providers who also offer mortgages could be "keener" to increase the rate payable on the loan than boosting the savings accounts.
"With 75 per cent of the savings market and 80 per cent of the mortgage lenders yet to announce, the next few weeks will be very interesting to watch," she remarked.
"It will certainly be a good few weeks before all of the increases have filtered through and the consumer sees the impact."
Savings providers boosting rates, expert claims
Savings providers boosting rates, expert claims
Fri, 17 Nov 2006
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