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

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.

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Here is what providers have said so far:

The Royal Bank of Scotland – along with NatWest and Ulster Bank North – base rate has also increased from 0.5% to 0.75%. For those customers on base rate-linked products, it will increase their rate to 0.75%.

Around two-thirds of its mortgage customers are currently on fixed-rate products and so will not see their rate change during their fixed-rate period.

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 (which includes Halifax) said that all products that track the Bank of England base rate will be increased by 0.25% from September.

Santander is reviewing the pricing of all of its variable rates that are not linked to the base rate.

It added that all tracker mortgage products linked to the base rate, including Santander’s follow-on rate, will move in line with the change. These new rates will be communicated to customers and used to calculate mortgage repayments from the start of September.

Furhermore, 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.

Finally, all savings products linked to the base rate will move in line with the increase from the end of August.

HSBC said 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.

Nationwide Building Society said it is working through what this may mean for its savings, mortgage and banking members and it will be communicating any changes in due course.