While savings rates may appear low, they are not as low as we would normally expect for a bank base rate of 0.50%.
In fact the margin between savings rates and Bank of England base rate is at the widest level it has ever been.
As we move forward and bank base rate rises, it is likely that providers may only pass on a fraction of the rise in an attempt to reduce this margin.
If savers want to ensure any future increases are passed on in full, then they could opt for one of the variable rates savings accounts that come with a bank base rate guarantee.
Only 12% of variable rates accounts offer such a guarantee and here are a few of the best ones.
Secure Trust Bank – 183 Day Notice Tracker Issue 1
Lloyds TSB – Two Year Tracker Bond
Santander – Tracker Bond (Issue 7)
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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