Sainsbury’s and Virgin Money have failed to pass on savings rate rises

Diminishing returns on savings, even though rates went up. Photograph: True Images/Alamy

I was going through my annual bank statements and realised my Sainsbury’s variable-rate cash Isa is paying only 0.35% interest, while my Virgin Money easy-access saver is giving me only 0.25% despite this year’s rate rises.

Sainsbury’s told me higher rates of interest were applied to accounts if the customer requested them. It asked if I would like a higher rate and I said yes, and it has been increased to 1.3%.