This Is Money Show

Interest rates went up last month and banks and building societies have been busy upping mortgage rates, with Nationwide revealing a raft of rises this week. But while Britain’s biggest society has got off the mark with mortgage rate rises – reflecting December’s Bank of England hike and money market expectations of another move up potentially as early as February – its savings rates remain on the floor. The best easy access savings deal open to all from Nationwide pays just 0.01 per cent and the top no-strings easy access deal offered as a reward to the building society’s own members pays 0.35 per cent. Nationwide isn’t alone, almost all its big building society and banking rivals have also been failing savers for years – and although they blame the low interest rate environment that doesn’t stop them making bumper profits and paying out blockbuster wages to top executives. So, are they diddling savers or do they have any defence? On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lamb