Which was the last bank to increase its savings rate?

RG2015

On 1st May, Virgin Money increased the interest rate on its current account from 0.50% to 2.00%.

On 17 April, NS&I cancelled previously announced rate reductions due to take effect on 1st May, notably on Income Bonds at 1.15% and the Direct Saver at 1.00%

What I cannot recall is the last bank to increase a rate on a savings account. Please note, I am limiting my search to rates greater than 1.00%

happy_hazelnuts

Although most of the world have recently decreased their savings rates,  I believe the bank of Botswana has recently increased theirs

Zanderman

happy_hazelnuts said:

Although most of the world have recently decreased their savings rates,  I believe the bank of Botswana has recently increased theirs

With FSCS protection I hope!?

kaMelo

According to Savers Friend from the Moneyfacts Group;
Allica Bank increased the rate on its 95-day notice account this week. 95-Day Notice Personal Savings Account (Issue 1) pays 1.10% gross on anniversary on a £1,000 opening deposit. This account allows unlimited further additions. Withdrawals are permitted subject to 95 days’ notice. It must be opened online and can only be managed by phone.

Saga

I'm sure plenty have increased their rates on loans, o/ds and credit cards, which are their equivalent of savings accounts for them!

bowlhead99

Saga said:

I'm sure plenty have increased their rates on loans, o/ds and credit cards, which are their equivalent of savings accounts for them!

You can't blame them as the risks of lending have risen given widespread business uncertainty, rise in jobcentre claimants etc. On the positive side, a large part of banks and building societies business is from lending on property, and both 2- and 5-year fixed mortgage rates have dropped on average at all LTVs since the end of february, reaching the lowest levels in the last decade (https://moneyfacts.co.uk/news/mortgages/two-and-five-year-mortgage-rates-hit-historic-lows/)