The Co-operative bank reduces savings rates following Bank of England base rate cut
26 August 2016
- Sixty per cent of Co-operative Bank & Britannia customers will receive no change to the rate on their savings accounts
- Rate changes effective from 14th November 2016
The Co-operative Bank today (26, August 2016) has announced it is reducing the interest rates on some of its savings accounts as a result of the 0.25 per cent reduction in the Bank of England Base Rate.
Sixty per cent of savings customers of The Co-operative Bank, Britannia and smile, will receive no rate change on their accounts and the remainder will see their savings rate reduce effective from 14th November 2016.
Richard Brown, Head of Savings at The Co-operative Bank, said: “Following our decision to pass on the full Bank of England Base Rate reduction of 0.25 per cent to our variable rate mortgage customers, we have ensured the protection of the majority of our savings customers by not passing on a cut to sixty per cent of savings account holders.
“All customers affected by a reduction to their savings rate will receive written notification two months in advance of the change taking place highlighting their current rate and how much the rate decrease will be from November 14th 2016. The rates of some of our on sale accounts will also be reduced and the rates for both historic and current savings rates are available on our website*.”
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Notes to editors:
*The individual rate changes for both existing and historic savings accounts can be found on the following links:
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around 4.4 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.