Savers across the UK could be losing out on interest on their money if they don't speak to their bank account provider.
Customers have been urged to check that their bank has passed on the latest savings rate or risk losing cash.
Saving rates have been rising after the Bank of England (BoE) hiked its base rate for the fifth time in a row to 1.25%, reports the Mirror.
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When the base rate rises, lenders typically pass this on to account holders by raising interest rates - although there is no guarantee they will.
The warning comes after This is Money was contacted by a Sainsbury’s Bank customer who says they were told to call up to apply the increase to his ISA.
The customer, known only as Craig, told the news site he had been stuck at 0.35% - despite the bank now offering 1.22% on its variable rate ISA on balances over £500.
He said: “I was surprised to be told that although Sainsbury's automatically decreases the rate on accounts if rates drop, I'm expected to contact it to ‘claim’ the new rate if its interest rates rise.”
In the terms and conditions for this type of account on the Sainsbury’s Bank website, it says: “We may offer different interest rates for new accounts.
“The interest rate on your account won’t automatically change to match the new rates.”
Sainsbury's Bank told The Mirror that it hasn't increased rates for existing customers, but reviews new rates “automatically” in line with the base rate.
Santander also confirmed to the Mirror that its customers also need to call up to ask for the higher rate.
HSBC, Lloyds Banking Group and Barclays said changes to savings rates would be applied automatically without a customer needing to ask.
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