Bank of England base rate information

We keep our interest rates under regular review to ensure they remain competitive for our customers. When reviewing the rates on our variable rate savings accounts, we consider a range of factors, including changes to the Bank of England base rate. Following any change to the base rate, we will review our savings rates and may make changes if needed.

If we increase interest rates we pay you, then:

• the higher rate will apply immediately; and
• within the next 30 days we’ll tell you about the change on our website, by branch notices, national press adverts, statement messages or inserts, or by writing to you (this can include email), or by any combination of these methods.

However, where we decrease our interest rates, we’ll inform you by personal notice, via letter or email, at least two months before we make the change.

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.

If you hold a Base Rate Tracker Savings account with us, the interest rate tracks at a variable margin in relation to the Bank of England base rate, dependent on your account balance. This means it will rise and fall whenever the base rate does. To monitor the Bank of England base rate visit the Bank of England's website.

If the Bank of England base rate changes, the new interest rate on your account will apply without notice, no more than 14 business days following a change in the base rate.

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 any given time.

If you have a linked savings account, such as a Privilege Premier, Privilege or Savings Plus savings account, any increase to the Bank of England base rate will be applied to your account in line with the relevant rate commitment within a reasonable period and in any event no later than 42 days after the base rate change.