The Co-operative Bank increases interest rates on all variable rate savings products by up to 0.50 percentage points

• Existing customers are rewarded with the highest increases to their savings interest rates.

The Co-operative Bank will increase interest rates on all variable rate savings products by up to 0.50 percentage points. These changes will apply from 2 March 2023, for both existing customer accounts and on sale products. Rates will differ depending on the product the customer has, however highlights include:

• Existing customer ISA interest rate rising from 3.50% to 4.00% (0.50 increase)
• Select Access Saver interest rate rising from 2.03% to 2.40% (0.37 increase)
• Existing customer Privilege Premier savings account interest rate rising from 3.50% to 4.00% (0.50 increase).

(For more details on the changes to interest rates for products currently on sale, please see Notes to Editors.)

Commenting on the savings rate increases, Darrell Evans, Chief Commercial Officer at The Co-operative Bank said;

“We’re pleased to be passing on savings interest rate increases to all our variable rate savings products and rewarding our loyal customers with the highest increases. We aim to remain competitive in the savings market and we have repriced our on sale savings range to appeal to new customers who are looking for a good return on their funds and have a variety of products to suit their needs.”

“New customers choosing to take one of our savings products can also be rest assured that as the only UK high street bank with a customer led ethical policy that guides the way we do business, we give customers a say in how their money is used. We are committed to the values and ethics at the heart of our business and we do not provide funding or banking services to organisations that finance fossil fuels extraction, fund oppressive regimes, or those that support unethical labour practices.”

Following the increase to Base Rate the Bank will be passing on an increase of 0.50 percentage points to its mortgage SVR rates.

Commenting on this increase Darrell Evans said:

“We did hold back from passing on Base Rate increases to our mortgage customers for some of the changes announced by the Bank of England in the second half of 2022, however we have made the decision to increase the SVR rate of our mortgage brands by 0.50 percentage points following this latest announcement. We will notify our mortgage customers of this in the usual way. We are continually reviewing our on sale mortgage ranges of both our Co-operative Bank and Platform branded mortgages to ensure we’re offering the best value mortgage products for those looking to buy or move house, and also for those looking at their remortgage options.”