Adverse Mortgages UK

While some savings providers increased their interest rates in the wake of the Bank of England's base rate rise, some were less generous, according to a finance group.

Research from moneyfacts.co.uk has led the group to state that savers should not always think they will benefit from an interest rise from the Bank.

While 20 per cent of accounts offer higher rates than the 5.25 per cent base level, 79 per cent are paying out less than 4.2 per cent, it added.

And Rachel Thrussell, head of savings for the organisation, has commented that these figures will not change unless consumers take a more active stance against the banks.

"After all your savings should benefit you as the loyal saver, not be used to increase the profits for the banks and their shareholders," she said.

Earlier this month, the Bank of England voted to hold interest rates at their current level of 5.25 per cent.

© Adfero Ltd

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