Barclays increases savings rate as banks criticised for short-changing savers

hl.co.uk:

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Newsroom

Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.

HL Podcast

HL Insight

Watchdog warns it will 'name and shame' lenders not passing on interest rate rises.

Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

15 Aug 2023

Barclays has put up the rates on some of its savings accounts by as much as 23pc after high-street banks were criticised for not passing on increases in the Bank Rate.

The one-year fixed-rate bond offered by the bank will jump from 4.3pc to 5.3pc, a 23pc increase, with its two year flexible bond jumping to 5.35pc, up from 4.4pc.

Barclays’ one-year flexible cash Isa will jump from 4.3pc to 5.3pc and its two-year offer will rise to 5.35pc.

For customers who qualify for its “premier” service, who must hold between £75,000 and £100,000, rates will improve to up to 5.5pc on a two-year flexible bond or cash Isa, and to 5.45pc for one-year options.

The flexible bonds allow customers to make up to three withdrawals, of up to 10pc of the initial deposit each time, while Barclay’s flexible Isas offer withdrawals of up to 10pc of the current balance.

The changes will take force from Tuesday and rates rises for the bank’s easy-access accounts will be published later in