Many rate changes still unknown

Three weeks after the Bank of England's monetary policy committee (MPC) decided to raise the base rate by a quarter point many rate changes are still unknown.

Many providers in the savings market have not amended their rates, leaving many savers uncertain of how the rate decision will affect them.

Andrew Hagger, head of news and press at Moneyfacts, said: "On the savings front… only 62 out of 115 institutions have amended their rates so far, and of these 62 only 46 have increased their whole variable savings product range."

Announcements from a large number of the high street banks and building societies are expected in the near-future.

In the mortgage market the average standard variable rate now stands at 6.57 per cent – with lenders raising their rates from between 0.24 per cent and 0.31 per cent.

Money News quoted Mr Hagger saying: "With over 80 per cent of mortgage SVR changes announced, we have seen a number of providers take the opportunity to make an increase greater than 0.25 per cent."