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

26 August 2016

1 min read

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 14th 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 14th 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*.”

ENDS

Notes to Editors:

About the Co-operative Bank

the Co-operative Bank plc provide a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sizes Enterprises) customers. The Bank is fully committed to values and ethics in line with the principles of the co-operative movement.

For further information please contact

Nicki Parry, Head of Media Relations

The Co-operative Bank Press Office

Tel: 07734 002 983

Email: nicki.parry@co-operativebank.co.uk

Twitter: @CooperativeBank

Contact

Corporate

Lesley McPherson, Director of Communications

Mobile:+44 (0) 7725 903 270

Email Lesley McPherson

Head of Media Relations

Nicki Parry

Mobile: 07734 002 983

Email Nicki Parry

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