http://www.thisismoney.co.uk/saving-and-ba...mp;in_page_id=7

The Bank of England's Monetary Policy Committee has raised rates from 5.5% to 5.75%. It's the fifth rate rise in less than a year. So while it's bad news for homeowners, savers could benefit from higher savings rates.


Some banks and building societies are far quicker at passing on rate rises to savers than others. But we're keeping tabs on who's raising rates, and who's going to keep savers hanging.


Follow our rolling coverage, and we'll let you know who's raising rates, and when. For the best savings accounts visit our Best savings rates tables.


Bradford & Bingley
B&B will raise rates on all accounts, including closed accounts, as of July 29.


Anglo Irish
The rate on the Easy Access Account has increased to 6.10% from 5.85% and the rate on the 7 Day Notice Account have increased to 6.15% from 5.90%. The rate changes are effective immediately.


Cahoot
Abbey's online bank Cahoot has raised the rate on its saving account by 0.25%. The new rates are:
£1-£250,000: 5.75%
£250,000-£500,000: 6.25%
£500,000-£1m: 6.35%
£1m+: 5.75%


ICICI Bank UK
The Indian bank will raise the rate on its HiSave online account to 6.3% from 6.05%, effective 23 July.
>> Find out we we don't recommend ICICI


Egg
The online bank will raise its rate to 5.75% from 5.5%.


Kent Reliance BS
Kent Reliance will raise the rate on its cash Isa to 6.21% from 5.96%.


Sainsbury's Bank
Sainsbury's Bank will raise the rate on its Internet Saver account by the full 0.25% to 6.25% from 6%. The new rate does not come into effect until 1 August.


Icesave
The UK savings account from Icelandic bank Landsbanki will pass on the full 0.25% rate, meaning rates will go up to 6.2% from 5.95%. The new rate is effective from 13 July 2007.


Post Office
The Post Office Instant Saver account will rise to 6% from 5.75%. But savers will have to wait nearly a month to benefit from the new rate, which doesn't come into effect until 1 August 2007.


Virgin Money
Virgin Money will increase the interest rate for deposit account and cash Isa customers to 5% from 4.75% from midnight on 20 July 2007. But this poor rate still means savers are earning 0.75% less than the Bank rate.


M&S Money
M&S Money will raise the rate on its cash mini Isa to 5.75% from 5.5%, in accordance with its guarantee to be at least equal to the bank rate. The rate rise will apply to the cash Isa, Tessa-only Isa and the cash component of the maxi Isa. The new rates will come into effect tomorrow - 6 July.


Capital One
Capital One will increase the rate paid on its Base Beater savings account to 5.8%, in accordance with its guarantee to at least match the bank rate. The interest rate for Capital One's Bonus Saver account will increase to 6%, including a 0.5% bonus over 12 months, on balances of £500 and over. The new rates come into effect tomorrow - 6 July.


National Savings & Investments
The rate paid on NS&I's Direct ISA will rise to 6.3% from 6.05%, in accordance with its guarantee

Thanks, PP!

ING direct sure aren't playing that game. Just got this email from them.......

"Following the recent Bank of England base rate increase from 5.5% to 5.75%, we are writing to let you know our current rates.

Our savings rates will remain as follows:


ING Direct Savings Account at 5.0% AER / Gross 4.89% p.a.

The account for you if you want a great rate with easy access to your money and no catches."



Over 1% below the leaders now. Glad I only have £1.03 still in the account.

I got this email just now. With all the stuff that has been said about ING not passing on rate increases I would've thought a rise was on the cards this time. There's something wrong at ING I would say.

A + L have finally put up their Direct Saver account to 6.3% - not the entire 0.25% increase, though.

ICICI now offering 6.55% AER for 1 year fix, and 6.45% AER for 6month fix.

ING have just given me 6.3% until the end of the year to stop me moving cash out of my direct saver account. It isn't advertsied but was offered just as I attempted to move the money. Worth a try if you want to leave your money in ING but would liek to benefit from a higher rate.

Do note you need to put the money in their web saver not there ordainary online account paying a pathetic 5.4% , the web saver is hard to find on their site , i only have beer money in the web saver as ING started taking the p*ss some time ago with their rate games , but i plan to transfer the sum of 1 penny into the web saver , just to like let them know i havn't forgotten them