BASE RATE CHANGE.
How will the change to the Base Rate affect my savings account?
What is the Base Rate (also known as the Bank Rate)?
The Base Rate is set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. The Base Rate is reviewed regularly and can be increased or decreased by the Bank of England at any time.
What does it mean for my savings account?
The Bank of England Base Rate is one of a number of factors we take into account when reviewing interest rates. Any change in the Base Rate will form part of ongoing rate reviews across our savings product range.
What happens when the Bank of England announces a rate change?
The Bank of England Base Rate is one of a number of factors that we take into consideration when reviewing our interest rates. Any change in the Bank of England Base Rate will form part of ongoing rate reviews across our savings product range.
Which savings products will changes be made to?
- Tracker products - The interest rate will automatically change in the event of a Bank of England Base Rate change.
- Fixed products - Your account will not be affected by any change.
- Variable products - We’ll review our interest rates and decide what changes we need to make (if any). You will be notified in writing of any decrease in interest rate on your account . You will not be sent a letter to advise of an increase to your account interest rate, any increase to savings interest rates will be available to view via Online Banking.
If you are unsure which type of account you hold, please refer to your account conditions.