Tesco Bank has announced that it is set to increase its underlying standard interest rates for savings and its standard variable rate (SVR) for mortgages by 015%.
The bank's decision to apply the increase to both savings and mortgage products underlines its desire to treat customers fairly.
Benny Higgins, chief executive of Tesco Bank (pictured above), said: “We have consistently offered savings and mortgage customers some of the most competitive rates on the market.
“Following the Bank of England's decision [at the beginning of the month], we know savings customers expect us to help them by increasing interest rates.
“It is, however, critically important that we balance the needs of our savers with those of our borrowers and we have carefully considered how this change will affect our mortgage customers.”
Tesco Bank's underlying standard interest rate for savings products will increase by 0.15%, and the bank's SVR for mortgages will increase to 4.04%.
The savings customers' interest rates will increase on 1st December, while mortgage customers have been notified in advance of their rate increase scheduled for 1st February 2018.
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