‘Beneficial for savers!’ Bank raises interest rates to 'one of best rates on market'

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Ms Suter explained: “While banks are very quick to pass on any Base Rate increases to their mortgage customers, savers have to wait longer and many won’t see any increase at all.

“Lots of people’s savings are just sitting in their current account or old savings account, earning 0.01 percent. And these people likely won’t see an increase in the interest rate they’re being paid, instead banks will pocket the difference to boost their profits.”

The latest product launch by Gatehouse Bank suggests that banks are finally passing down the benefits of the subsequent base rate hikes to their customers.

However, savers will need to take into account how interest rates will change in the next couple of years as the economy recovers, according to Ms Suter.



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