Which Savings Bank etc automatically raise interest rate when th base rate goes up?

ronfaulkner

I have some easy access investments including ISA  where the savings rate always changes when the \Base Rate changes.  I have some in Tesco Bank and every time their rate goes up I have to create a new account. (Going to leave as it's too much hassle)  Shawbrook Bank for example always changes with the base rate. Is there a list of the savings providers that treat accounts like Shawbrook?
Any suggestions please? Thanks

Albermarle

There is no guarantee that any bank will do this AFAIK . They set their savings rates in line with how much money they wish to pull in.
It could be that Shawbrook have been informally following base rate changes, but I would doubt they have had made a firm commitment to always do it,

ronfaulkner

With easy access ISA it is always a pain as you always have to fill in more forms etc.  Thanks for your comments

Albermarle

Reading your post again, I will change what I said as there are maybe two different points getting mixed up.

AFAIK , no bank will guarantee to follow base rate changes with their savings rates.

However some banks, if they change their savings rates for easy access accounts, will automatically change these for existing customers as well . Ford Money for example.

Our Best Rate Guarantee

Enjoy our best available rate, even after you’ve opened your account. On variable rate products you’ll always enjoy the same rates as our new customers on like-for-like products. Where this means your interest rate will decrease, we’ll let you know at least 30 days before the change.

Daliah

The only guarantee you can have are with BoE tracker accounts, which are rather rare. These may or may not increase their rates by the actual BoE increase - check the T&Cs.

OceanSound

Off-topic: Nevermind savings, if you have a credit card account with a bank you can bet your bottom dollar you will receive a notice pretty sharpish saying 'In line with the BoE interest rate change we're increasing our interest rate on your credit card account....'