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Lloyds and NS&I give Brexit-hit savers a boost after Bank of England lifts interest rates

Lloyds will add 0.15% to its savings rates, including its Cash ISA
Lloyds is passing on the full base rate rise to variable mortgages.

Lloyds Banking Group PLC (LON:LLOY) said it will raise its savings rates in response to the Bank of England’s first hike in a decade.

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.

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.

READ: State-backed NS&I to shorten the odds on Premium Bond prizes after BoE rate hike

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.

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