None of Britain’s major banks have passed on last month’s interest rate rise to savers – but they have started to raise mortgage rates.

In another blow to households already grappling with the rising cost of living, banks are taking advantage of the interest rate rise to bolster their margins at the expense of customers.

Politicians and campaigners accused them of dragging their feet, months after the central bank raised the base rate. Policymakers raised rates last month in an attempt to cool rising inflation, which is being driven by high energy prices. After slashing interest rates to a record low of 0.1 per cent during the pandemic, the Bank of England raised the base rate to 0.25 per cent in December.

However, millions of savers are yet to benefit from the change. An analysis of more than 100 banks and building societies found that only four have increased the interest rate on some of their easy access, variable savings accounts.

Only Suffolk Building Society has passed the full 0.15 per cent rise to savers across all variable accounts, according to the analysis by Moneyfacts. None of the major banks have done so but Santander, Lloyds and Halifax all announced increases to their standard variable mortgage rates by the full 0.15 per cent shortly after the Bank of England’s decision on December 16.

Banks started to increase rates on many fixed-rate deals in November, in anticipation of the Bank of England’s decision. HSBC, Barclays and NatWest all raised rates. Nationwide started the new year by increasing rates on some of its loans by as much as 0.45 percentage points, three times the Bank of England’s 0.15 percentage point increase.

It is the latest squeeze on household budgets, which are already under pressure from tax rises, soaring energy costs and higher grocery bills that will leave the average household £1,200 worse off next year.