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The Base Rate. Do you understand how it can affect your savings?
On 3 August 2023, the Bank of England announced an increase in the Bank of England Base Rate from 5.00% to 5.25%.
The Base Rate, also known as the Bank Rate, affects the interest rates offered by Banks, Building Societies and other financial institutions. It is set by the Bank of England, which regularly reviews it and can increase or decrease it at any time..
The Base Rate is one of a number of things we look at when reviewing the interest rates of our savings accounts.
How your interest rate is affected by a Base Rate change depends on whether it’s a fixed or variable account. If you’re unsure what type of account you have, you can check this in the terms and conditions.
In the event of the Bank of England announcing a rate of 0% or below, we will keep our rates under review.
Your account will not be affected.
Your interest rate could change.
Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we will write to you to let you know. We will not write to you if we increase your rate.