Base rate information

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.

How does the base rate affect your mortgage?

How does the base rate affect your savings account?

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 and payments on any savings or mortgages you hold with us.

To find information on the current base rate, please visit the Bank of England homepage.

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How does the base rate affect your mortgage?

If you currently hold a Co-operative Bank, Britannia or Platform 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.

Tracker Mortgages

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 rate will not fall below the rate stated in your terms and conditions.

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.

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.

How does the base rate affect your savings account?

Variable Rate Savings Accounts

The base rate is one of a number of things we look at when reviewing the interest rates of our variable rate savings accounts. Whenever the base rate changes, we review the interest rates of our variable rate savings accounts and could decide to change them.

Fixed Rate Savings Accounts

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.

Tracker Savings Accounts

If you hold a Base Rate Tracker Savings account with us, the interest rate is variable and tracks at a margin below the Bank of England base rate dependent on your account balance. This means it will rise and fall whenever the base rate does.

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 that time.

Following a change to the Bank of England base rate, the interest rate on the Base Rate Tracker savings account will increase/decrease without notice within 14 business days of the announcement.

Interest rates for our current savings products

Here you'll find the interest rates for all our current products, including Britannia products.

Have more questions?

Visit our Help and Information pages to find out more about the base rate change and how this affects our customers.

Not found what you're looking for?

Contact our support team