Money News
In what amounts to the first response by a major bank to last week's base rate increase, Halifax has raised its standard variable rate (SVR) from 6.50 to 6.75% - effective September 1st. Tracker mortgage customers will also see a 0.25% increase.
The bank hasn't yet indicated what will happen to savings rates but has confirmed that most savers won't receive the full 0.25% base rate increase. Like mortgage rates, increased savings rates are due to come in on September 1st, although the level of increase implemented will depend on the particular savings account you have.
Whilst most increases are likely to be under 0.25%, some accounts - especially those requiring little administration - may end up paying a little bit more.
09 August 2006 © Moneyextra.com
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