The lender will add 0.15% to its savings rates, including its Cash ISA, Easy Saver and Halifax Everyday Saver, compared to the 0.25% increase the BoE said it would lift its base rate by last Thursday.
Lloyds rate increases for savers include Cash ISA Saver 0.2% -> 0.35% and rockbottom Lloyds Easy Saver/Halifax Everyday Saver 0.05% -> 0.2%— Simon Gompertz (@gompertz) 9 November 2017
The announcement comes after Lloyds said it would pass on the full base rate rise to variable mortgages.
The BOE lifted interest rates to 0.50% from 0.25% to address rising inflation, which has resulted in a squeeze on consumers’ disposable incomes. Inflation reached a five-year high of 3% in October, well above the central bank’s 2% target.
Earlier, UK state-owned bank National Savings & Investments (NS&I) said it would pass on the full base rate rise onto consumers and will shorten the odds on Premium Bond prizes.
From 1 December rates will rise by 25 basis points across its variable product range, including its Direct Isa, Income Bonds, Investment Account and Junior Isa.