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Base Rate Information

This page includes all of the latest information on the Bank of England base rate. Read more about how this affects the products you hold with us.

Current Base Rate

The official base rate is set by the Bank of England and affects the interest rates offered by Banks, Building Societies and other financial institutions. Through changing the rate, the Bank of England seeks to meet the target set by the Government to keep inflation low and stable, as well as influencing overall borrowing in the economy.

The Bank of England base rate can go up or down and is announced at the Monetary Policy Committee (MPC).

Changes to the base rate could affect interest rates or payments on any savings or mortgages you hold with us.

The latest change to the Bank of England base rate was an increase from 0.50% to 0.75%, announced on the 2nd August 2018 with immediate effect.

Interest rates for our current savings products

Here you’ll find the interest rates for all our current products, including Britannia products.

View all our current savings products

How does the base rate affect your mortgage?

If you currently hold a Co-operative Bank or Britannia mortgage and it is affected by a change in the base rate, we will always write to you to inform you of any changes to your interest rate and monthly payments ahead of your next monthly payment due date.

Tracker Mortgages

If you hold a tracker mortgages with us, the interest rate will track the Bank of England base rate. This means it will rise and fall whenever the base rate does.

Any changes will always be in accordance with your terms and conditions or offer letter, so if your product has a floored rate your mortgage interest letter will not fall below the rate stated in your terms and conditions.

Standard Variable Rate Mortgages

If you hold a Standard Variable Rate Mortgage with us, it is possible that your interest rate will change if the base rate changes, but this is not guaranteed as they are not directly linked.

The latest change to our Standard Variable Rate for mortgages was from 4.74% to 4.99% on 1st September 2018, in accordance with the Bank of England base rate change.

Fixed Rate Mortgages

With our Fixed Rate Mortgages, the interest rate does not change and your monthly payments are guaranteed to remain the same until the end of your fixed rate interest period. The Bank of England base rate has no effect on this, regardless of whether it changes.

When your fixed rate ends, we will contact you to inform you of your new interest rate and monthly payments.


Learn more about Mortgages

How does the base rate affect your savings account?

Tracker Savings Accounts

With our Tracker Savings Accounts, we pay customers an interest rate that is directly linked to the Bank of England base rate.

This means if the base rate increases or decrease, so will your interest rate.

Standard Variable Rate Savings Accounts

The Variable Rate Savings Accounts we offer, like our Online Saver, offer interest rates that typically follow the Bank of England base rate.

This means your interest rate is not guaranteed to stay the same, and is likely to change if the base rate changes.

Fixed Rate Savings Accounts

If you hold a Fixed Rate Savings Account with us, such as the Britannia Fixed Rate Cash ISA, your interest rate will remain the same throughout the term of the product.

The Bank of England base rate has no effect on fixed rate products, regardless of whether the base rate changes.


Learn more about Savings

Have more questions?

Visit our Help & Information pages to find out more about the Base Rate Change and how this affects our customers.


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