Base Rate and Savings.

Get savvy about how the Base Rate affects savings.

The recent announcement

On 3 August 2023, the Bank of England announced an increase in the Bank of England Base Rate from 5.00% to 5.25%.

Base Rate. What is it?

It's also known as the Bank Rate, and it affects the interest rates offered by Banks, Building Societies and other financial institutions. It's set by the Bank of England, which regularly reviews it and can increase or decrease it at any time.

How can a Base Rate change affect your account?

The Base Rate is one of a number of things we look at when reviewing the interest rates of our savings accounts.

How your interest rate is affected by a Base Rate change depends on whether it’s a fixed or variable account. If you’re unsure what type of account you have, you can check this in your conditions.

What will happen if the Bank of England Base Rate falls to 0% or below?

In the event of the Bank of England announcing a rate of 0% or below, we will keep our rates under review.

Accounts with a fixed rate

Your account will not be affected.

Accounts with a variable rate

Your interest rate could change.

Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we will write to you to let you know. We will not write to you if we increase your rate.

Want to check your rate?

Simply sign in to Online Banking or use the mobile or tablet app to view your current rate.

Or if you'd rather, you can use our PDFs to find your interest rate.