Savings - Bank of England Base Rate Change - 11th March 2020
What is the Bank of England base rate?
It is the official Bank Rate set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The Bank of England base rate can go up or down and is announced at the Bank of England’s Monetary Policy Committee (MPC). On the 11th March 2020 The Bank of England base rate decreased from 0.75% to 0.25%.
Will my savings rate change as a result of the change to the Bank of England base rate?
We will communicate any changes to the interest rates of our savings products in light of this decrease to base rate in due course. More information will be made available shortly.
When will interest rates decrease?
Following the change in the Bank of England base rate, we are currently reviewing our savings rates and we will be communicating any changes in due course once a decision has been made.
Will you be writing to me to tell me if my account is affected?
If we decide to reduce your savings account rate we will inform you of any change by personal notice (e.g. letter or email) at least two months before we make the change.
Will my fixed rate savings account be affected?
No – the interest rate is fixed so is guaranteed for the length of your term. We will continue to review our rates for new fixed rate products in line with market pricing.
Where can I find details of the rate applicable to my savings account?
You can find the interest rate applicable to your savings account on your statement, within online banking or our mobile app. All our savings rates are available on our website.
If you would like more information to ensure you have the best product to suit you, you can contact us via branch, telephone or go to our website for more information.