Frequently Asked Questions

Q: How are my Savings accounts impacted by the change?

A: Find out the new rates and which accounts are impacted.

Q: Why was my rate reduced?

A: The level of the UK Base Rate is an important factor when we consider changes to our rates, but we also make sure we continue to offer fair rates when compared to other banks. Following the reduction in the UK Base Rate and in line with other banks, we are reducing the interest on our variable rate savings accounts by up to 0.65% from 1 July 2020.

Q: When will my rate be reduced?

A: The new rates will be effective from 1 July 2020.

Q: Were my Fixed Rate Cash ISA, Fixed Term Bond or Monthly Saver interest rates reduced?

A: No. These accounts pay a fixed rate of interest, so existing customers holding these accounts will not see their rates change. However, at the end of the product term, if you do not provide us with a maturity instruction, then we will transfer the balance in your account to a variable rate account, which was impacted by this change. We always contact customers before maturity with the options available to you.

Q: How can I make the most of my savings?

A: We know it’s challenging for customers at this moment in time to generate returns on their savings. As we changed the interest rate on your savings account, you do have the option to close your account or easily move your money to another account with us or another bank, without charge, at any time. We do offer other instant access and fixed rate accounts that you may be eligible for.

You can visit us in your local branch or find out about other ways we can help you save by visiting our savings pages.

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