Base Rate Reduction
04 August 2016
Commenting on today's decision by the Bank of England's Monetary Policy Committee to reduce Bank of England Base rate to 0.25 per cent, a spokesperson for The Co-operative Bank said:
"The Co-operative Bank is currently reviewing the rates we offer to our mortgage and savings customers and we will communicate with our customers in due course.
“Customers with fixed rate mortgage and fixed rate savings products will not be affected by this reduction in Base Rate for the duration of their fixed deal. However, customers with tracker mortgages will see their rate fall in line with Base Rate, unless their product has a floored rate, in which case the rate will not drop below the rate stated in the product terms and conditions. We are still considering the position for customers with standard variable rate mortgage and variable savings products to ensure we balance the needs of our savers and borrowers. We will write to those customers who are affected giving the required notice as per the account terms and conditions.
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About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around five million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.