How does the Bank of England base rate affect my savings?

Variable Rate Savings Accounts

The base rate is one of a number of things we look at when reviewing the interest rates of our variable rate savings accounts. Whenever the base rate changes, we review the interest rates of our variable rate savings accounts and could decide to change them.

Fixed Rate Savings Accounts

If you hold a Fixed Rate Savings Account with us, such as The Co-operative Bank Fixed Term Deposit, 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.

Tracker Savings Accounts

If you hold a Base Rate Tracker Savings Account with us, the interest rate will track at a variable margin that could either be below, equal to or above the base rate, dependent on your account balance. This means it will rise and fall whenever the base rate does.

Any changes will always be in accordance with your terms and conditions. The minimum interest rate is 0.00%. This means that we may pay no interest dependent on your account balance and the defined margin below Bank of England base rate at that time.

Following a change to the Bank of England base rate, the interest rate on the Base Rate Tracker Savings Account will increase/decrease without notice within 14 business days of the announcement.