BANKS and building societies have been outlining how they plan to apply the base rate increase from 0.5 per cent to 0.75 per cent.

While deals directly tied to the base rate will change, several providers have said they are still mulling over how they plan to apply the base rate increase to other products – leaving many savers holding their breath.

Here is what providers have said so far:

RBS – The Royal Bank of Scotland, NatWest and Ulster Bank North base rate has also increased from 0.5 per cent to 0.75 per cent. For those customers on base rate-linked products, it will increase their rate to 0.75 per cent. Around two thirds of its mortgage customers are currently on fixed-rate products.

RBS said it is reviewing whether it will make any changes to variable rate products “and will provide an update in the near future”.

Lloyds Banking Group (includes Halifax) – All products that track the Bank of England base rate will be increased by 0.25 per cent from September.

Santander – It is reviewing the pricing of all of its variable rates that are not linked to the base rate. All loans to UK businesses linked to the base rate will move in line with the change and in accordance with the terms of the deal.

HSBC – Tracker mortgages will go up on Friday in line with the base rate. Other mortgage rates and savings will be reviewed in light of the Bank of England’s decision.

Yorkshire Building Society – A spokeswoman for the Yorkshire said: “We will take time to consider how to adjust our variable rate mortgage and saving accounts.”