Several savings providers have reacted instantly to the Bank of England's decision to raise the base rate by boosting the levels of interest available from their savings accounts.
Although many Britons with mortgages, personal loans and credit cards face higher repayments as a result of yesterday's decision, those with savings accounts may be sitting pretty, with their cash offering better returns.
One provider to have announced a boost in its rates is Capital One, with its savings accounts to be boosted by 0.25 per cent to 5.80 per cent, effective from July 6th.
Virgin Money also noted that it will be passing on "the full benefit" of the Bank's decision to customers, offering five per cent on its deposit accounts and cash individual savings accounts, although this will only come into effect from July 20th.
In addition, the news was followed by a raft of new savings accounts from providers, including fixed rate bonds offering 6.30 per cent from Nationwide Building Society.
Tim Hughes, Nationwide’s head of savings, commented: "This is great news for savers and a good time to take advantage of the high interest rates currently available in the market."
Savings providers boost rates
Savings providers boost rates
Fri, 06 Jul 2007
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