The Base Rate and your savings account

The Base Rate. Do you understand how it can affect your savings?

The recent announcement

On 3 August 2023, the Bank of England announced an increase in the Bank of England Base Rate from 5.00% to 5.25%.

What is the Base Rate?

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..


How can a Base Rate change affect your account?

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.

What will happen if the Bank of England Base Rate falls to 0% or below?

In the event of the Bank of England announcing a rate of 0% or below, we will keep our rates under review.

Accounts with a fixed rate

Your account will not be affected.

Accounts with a variable rate

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.

How to check what your interest rate is

Spare moments can be few and far between, so we've made it quick and easy to check your current rate. Simply log in to Internet Banking or use the mobile app or tablet app.

If you don’t use these services, you can use our PDFs to find your interest rate.