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Standard Life Bank hikes interest rates

Standard Life Bank is hiking the interest rates on its mortgages and savings accounts following the Bank of England&#39s decision to raise its base rate.


The move will see the bank increase the interest rate on its Direct savings Account to between 5.25 and 5.45 per cent from between 5.1 and 5.28 per cent depending on the size of the deposit.


Mortgage rates jump 0.22 per cent to 6.1 per cent from 5.88 per cent, but the rate for new loans will continue to be discounted by 0.89 per cent for the first six months.


Standard Life Bank managing director Jim Spowart says: &#34Since launch we have shown our commitment to all our customers by being among the first to drop our mortgage rates when the Bank of England has cut rates, while delaying any changes to our savings rates.


&#34However our stance has always been to maintain the competitiveness of all our mortgage rates over the long term, avoiding the loss-leader tactics of some other players in the marketplace.&#34


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