The Co-operative Bank updates on Bank of England Base Rate reduction

We will also apply that to our tracker mortgages in line with the terms and conditions of the mortgage. The reduction will be effective for customers from 1 May 2020.

This is in addition to the full 0.50 percentage point reduction we are making to our SVR and tracker products effective from April 1 2020, which we announced following the Base Rate reduction made early on Wednesday 11 March 2020.

We are still reviewing the savings rates we offer to our customers following two base rate reductions in quick succession. We continually review the rates, and products we have available to ensure we are offering the best rates we can to our customers in this low base rate environment. We will communicate any changes to our interest rates to our customers in due course.