Savings schemes providers have raced to be the first out with a rise in interest rates to correspond with the Monetary Policy Committee's 0.25% hike in rates.
Leeds & Holbeck Building Society applied the full rate increasing the rate on its online saver account to 5.30%; Saga Secure Savings Account increased its rate to 4.75%; Abbey has applied the 0.25% adjustment across all its accounts and has increased by 0.5% the rates on its Monthly Saver account to make the full interest 5%; The AA has increased to 5.36% the rate on its Telephone Savings account. Moneyfacts meanwhile has highlighted fixed rate mortgages on the market, including Northern Rock’s 2.49% for just over two years, but with redemption penalties for the first seven ye...
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