Skipton Building Society will not pass on yesterday’s Bank of England Bank Rate increase to its customers on Standard Variable Rate (SVR)/Mortgage Variable Rate (MVR).

It will however be making rate increases on the majority of its variable savings products.

As a result of the increases, all of Skipton’s variable savings accounts will pay 0.50% per cent or higher.

Rates on base rate tracker mortgages will increase in line with the mutual’s terms and conditions.  If the product has a ‘rate cap’, the rate will not go above this level.

These changes will take effect on 31 March and full details of the increases by individual savings products will be published on Skipton’s website by 25 March.

Ian Cornelius (pictured), Skipton’s commercial director, said: “With households facing the highest inflation rate for many years and customers facing soaring energy bills, it’s our duty to help our customers during these challenging times. That is why we have taken the decision to hold our MVR/SVR rates at current levels – we believe it’s the right thing to do for our borrowers.

“For our savers we’re raising rates across a number of our accounts which means all of our variable savings rates will be paying 0.50% or above.”