Savings: More banks fail to pass on rate rise in full

From BBC - November 10, 2017

Three more banks have failed to pass on the full rise in base rates to savers, despite pleas from Number 10 and the Bank of England.

Royal Bank of Scotland, NatWest and Tesco Bank have announced their savings rates will rise by 0.2% or less.

That is despite last week's rise in base rates from 0.25% to 0.5%.

Both the governor of the Bank of England and a spokesperson for Number 10 have urged banks to pass on the benefits to savers.

The Royal Bank of Scotland group - which includes NatWest - said "the majority" of its accounts would pay more, with the average rise being 0.2%.

However, it would not say whether the 0.01% rate on its Instant Saver account would see any increase.


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