This page includes all of the latest information on the Bank of England base rate. Read more about how this affects the products you hold with us.
Current Base Rate
The official base rate is set by the Bank of England and affects the interest rates offered by Banks, Building Societies and other financial institutions. Through changing the rate, the Bank of England seeks to meet the target set by the Government to keep inflation low and stable, as well as influencing overall borrowing in the economy.
The Bank of England base rate can go up or down and is announced at the Monetary Policy Committee (MPC).
Changes to the base rate could affect interest rates or payments on any savings or mortgages you hold with us.
On the 11th March 2020 The Bank of England base rate decreased from 0.75% to 0.25%.
On 19th March 2020, the Bank of England decreased the base rate from 0.25% to 0.10%.
For our mortgage customers on Tracker rates, your overall mortgage interest rate decreased by 0.50% effective from 1 April 2020 and will decrease by a further 0.15% effective from 1 May 2020.
For our mortgage customers on our Standard Variable Rate, the rate decreased from 4.99% to 4.49% effective from 1 April 2020, and decreased further from 4.49% to 4.34% effective from 1 May 2020.
Interest rates for our current savings products
Here you'll find the interest rates for all our current products, including Britannia products.
If you currently hold a Co-operative Bank or Britannia mortgage and it is affected by a change in the base rate, we will always write to you to inform you of any changes to your interest rate and monthly payments ahead of your next monthly payment due date.
If you hold a Tracker mortgage with us, the interest rate will track the Bank of England base rate. This means it will rise and fall whenever the base rate does.
Any changes will always be in accordance with your terms and conditions or offer letter, so if your product has a floored rate your mortgage interest letter will not fall below the rate stated in your terms and conditions.
For our mortgage customers on Tracker rates, your overall mortgage interest rate decreased by 0.50% effective from 1 April 2020 and decreased by a further 0.15% effective from 1 May 2020.
Standard Variable Rate Mortgages
If you hold a Standard Variable Rate Mortgage with us, it is possible that your interest rate will change if the base rate changes, but this is not guaranteed as they are not directly linked.
In accordance with the Bank of England base rate changes made 11 March 2020 and 19 March 2020, the rate decreased from 4.99% to 4.49% effective from 1 April 2020, and further decreased from 4.49% to 4.34% effective from 1 May 2020.
Fixed Rate Mortgages
With our Fixed Rate Mortgages, the interest rate does not change and your monthly payments are guaranteed to remain the same until the end of your Fixed Rate interest period. The Bank of England base rate has no effect on this, regardless of whether it changes.
When your Fixed Rate ends, we will contact you to inform you of your new interest rate and monthly payments.