Many high street banks have been criticised for not passing on the Bank of England’s hiked base rate, which is 0.75 percent, onto its customers.

In light of this, Nationwide will be hoping its latest interest rate rise will attract more customers who have felt left behind by other banks.

On this issue, Laura Suter, head of personal finance at AJ Bell, said: “While banks are very quick to pass on any base rate increases to their mortgage customers, savers have to wait longer and many won’t see any increase at all.

“Lots of people’s savings are just sitting in their current account or old savings account, earning 0.01 percent. And these people likely won’t see an increase in the interest rate they’re being paid, instead banks will pocket the difference to boost their profits.”