Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:
“Savers have so far been left short-changed following last week's increase to the Bank of England Base Rate, with seven in 10 savings providers increasing rates on at least one variable account by less than the full 0.25% rise. There are still over 100 savings providers yet to decide on making a rate increase to their on-sale variable rate deals, but savers should not wait around for news. Instead, the top rate deals remain on offer from challenger banks and building societies, so now is an ideal time to switch and ditch an old account to escape the “loyalty tax” from their bank.
“These latest variable rate moves prove why savings accounts are not tethered to Base Rate rises, and beneath the surface of some rate increases, not every single account has so far benefited from a full 0.25% rise. A rate rise can also be passed on to some savers with specific account types, or balances. For example, with first direct, on the face of it, Bonus Savings Account customers with up to £50,000 saved will see their rate jump by 0.65% to 3.93%, but higher balances are only getting a measly 0.05% rise, to 1.09%, as are savers with its Savings Account, which now pays just 1.09% after a 0.05% rise this week. Meanwhile, other providers like Chip have made rate cuts. Among the biggest banks, the average return on their most flexible savers is just 1.17%*. Shopping around is essential, especially to make gains in real terms amid rising inflation, yet over 160 variable rate savings accounts pay less than 1.50%.”
Between 5 and 12 November 2026, Bank of England's Base Rate rise of 0.25% to 4.0%: 28 savings providers have made variable-rate account increases live, on sale accounts. Of those, 20 providers have applied at least one increase of less than 0.25%, seven have offered increases above 0.25%. However, there are 139 providers currently offering variable-rate savings accounts, meaning much of the market's response is still to come. Variable rate savings accounts considered: Easy Access, Notice, Regular Savings Accounts, Children’s Savings Accounts, Lifetime ISAs, Junior ISAs, Variable Rate Term Bonds, Variable Rate Cash ISAs. Changes processed up to midday, 12 November 2026.
*Big bank easy access selection as of 12 November 2026: Barclays Bank, Everyday Saver, 1.00%. HSBC, Flexible Saver, 1.09%. Lloyds Bank, Easy Saver, 0.75%. NatWest, Flexible Saver, 1.00%. Santander Easy Access Saver, 2.00%.
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:
“Savers have so far been left short-changed following last week's increase to the Bank of England Base Rate, with seven in 10 savings providers increasing rates on at least one variable account by less than the full 0.25% rise. There are still over 100 savings providers yet to decide on making a rate increase to their on-sale variable rate deals, but savers should not wait around for news. Instead, the top rate deals remain on offer from challenger banks and building societies, so now is an ideal time to switch and ditch an old account to escape the “loyalty tax” from their bank.
“These latest variable rate moves prove why savings accounts are not tethered to Base Rate rises, and beneath the surface of some rate increases, not every single account has so far benefited from a full 0.25% rise. A rate rise can also be passed on to some savers with specific account types, or balances. For example, with first direct, on the face of it, Bonus Savings Account customers with up to £50,000 saved will see their rate jump by 0.65% to 3.93%, but higher balances are only getting a measly 0.05% rise, to 1.09%, as are savers with its Savings Account, which now pays just 1.09% after a 0.05% rise this week. Meanwhile, other providers like Chip have made rate cuts. Among the biggest banks, the average return on their most flexible savers is just 1.17%*. Shopping around is essential, especially to make gains in real terms amid rising inflation, yet over 160 variable rate savings accounts pay less than 1.50%.”
Between 5 and 12 November 2026, Bank of England's Base Rate rise of 0.25% to 4.0%: 28 savings providers have made variable-rate account increases live, on sale accounts. Of those, 20 providers have applied at least one increase of less than 0.25%, seven have offered increases above 0.25%. However, there are 139 providers currently offering variable-rate savings accounts, meaning much of the market's response is still to come. Variable rate savings accounts considered: Easy Access, Notice, Regular Savings Accounts, Children’s Savings Accounts, Lifetime ISAs, Junior ISAs, Variable Rate Term Bonds, Variable Rate Cash ISAs. Changes processed up to midday, 12 November 2026.
*Big bank easy access selection as of 12 November 2026: Barclays Bank, Everyday Saver, 1.00%. HSBC, Flexible Saver, 1.09%. Lloyds Bank, Easy Saver, 0.75%. NatWest, Flexible Saver, 1.00%. Santander Easy Access Saver, 2.00%.
