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Bank Of England Base Rate Changes & Information

This is the interest rate the Bank of England charges on money lent to financial institutions. The Bank of England base rate can go up or down and is announced by the Bank of England's Monetary Policy Committee eight times a year.

Banks and Building Societies use the base rate when calculating their interest rates for some products. This may result in an increase or decrease to your interest rate.

For further information about how this could impact your account please choose from the following Products:

What does a change in base rate 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.

  • Variable rate products may change at any time
  • Fixed rate products are not impacted by a change in the Bank of England base rate

If we increase your interest rate we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we'll let you know personally 14 days in advance. You can close your account without charge within 30 days. We may not do this if you have £100 or less in your account. Instead, we may tell you about it by making details of the change available in our branches, at and through telephone banking.

How can I make the most of my savings?

We can help talk through your options in branch, or you can open accounts and manage your savings online.

My Fixed Rate Bond or Fixed Rate Cash ISA has matured, or is due to shortly, what does this mean for me?

If you had a Fixed Rate Bond or ISA and did not provide maturity instructions, your money will have transferred into either a matured funds account or Cash ISA Saver respectively, which now pays a variable rate of interest.

For up to date rates please pop into your nearest branch or look online

Find out how Bank of England rate changes can affect your mortgage here.

Will the rate on my Credit Card change as a result of a movement in the Base Rate?

Our credit card products are not directly linked to the Base Rate so you will not see an immediate change.

However, we do take into consideration the level of the Base Rate when setting the rates on our Credit Cards. So if there is a movement in the Base Rate, we will review our pricing levels in due course and let you know of any changes.

Where can I find my rate?

Customers can find their standard interest rates detailed on their statement.

Who is impacted by a base rate change?

A base rate change affects existing lending customers with overdrafts or loans linked to the Bank of England base rate.

Our Business Savings products are not directly linked to the base rate but we do normally review them following a change. If we make any changes to our rates we will notify our customers on our website and in our branches.

Why don’t rates change immediately?

Our lending Terms and Conditions outline that any change to the base rate will take effect on the first working day of the following month.

How can customers find out whether their business loan or overdraft is affected by Bank of England base rate?

All business overdrafts are affected by the base rate. For details of business loans affected by the base rate change, customers can contact the Business Banking Centre on 0345 835 3858, option 4.

How will customers be told about the change to their loan or overdraft?

Business customers with affected loan products will receive confirmation of their new interest rate in a mailing.

Our current account products and overdraft rates are not linked to the Base Rate.