The building society raised its savings account interest rates by 0.15% at the very start of 2022 and has now raised this by a further 0.25%.

The latest rise means that all the society’s savings interest rates have increased by 0.40% in the first eight weeks of 2022.

According to the lender, the decisions for both rate rises were taken to reflect the rate change announced by the Bank of England’s (BOE) Monetary Policy Committee in December 2021 and February 2022.

Alun Williams, chief executive of Swansea Building Society, said: “Here at Swansea Build-ing Society, we understand how hard it is for savers in a low interest rate environment, so we have made the decision to pass on these rate increases in full and within a month of the base rate increasing.

“Our society has had another excellent year and while the society’s board is mindful of the challenges that may lie ahead during these difficult times, we believe that we must do the right thing by our savers and pass on this further increase, enabling them to plan for their and their families’ futures.”