The Co-operative bank reduces savings rates following Bank of England base rate cut

The Co-operative Bank today (26^, August 2016) has announced it is reducing the interest rates on some of its savings accounts as a result of the 0.25 per cent reduction in the Bank of England Base Rate.

Sixty per cent of savings customers of The Co-operative Bank, Britannia and smile, will receive no rate change on their accounts and the remainder will see their savings rate reduce effective from 14^th November 2016.

Richard Brown, Head of Savings at The Co-operative Bank, said: “Following our decision to pass on the full Bank of England Base Rate reduction of 0.25 per cent to our variable rate mortgage customers, we have ensured the protection of the majority of our savings customers by not passing on a cut to sixty per cent of savings account holders. 

“All customers affected by a reduction to their savings rate will receive written notification two months in advance of the change taking place highlighting their current rate and how much the rate decrease will be from November 14^th 2016. The rates of some of our on sale accounts will also be reduced and the rates for both historic and current savings rates are available on our website*.”