Base Rate reduction - what you need to know

The Bank of England has reduced the Base Rate from 0.5% to 0.25%. Following the announcement we’ve put together some information to answer questions you may have regarding your savings account or mortgage with us.  

I’m a savings customer, what does it mean for me?

Fixed rate savings account - If you have a fixed rate savings account, your interest rate will stay the same until the fixed rate period ends

Variable rate savings account - If you have a Bank of England tracker savings account, your interest rate will change automatically in accordance with the terms and conditions of your account

We’re considering the impact on other variable rate savings accounts

I’m a mortgage customer, what does it mean for me?

Fixed rate mortgage – If you have a fixed rate mortgage, your interest rate will stay the same until the fixed rate period ends

Variable rate mortgage – If you have a variable rate mortgage that’s linked to our Standard Variable Rate (SVR), the interest rate will be reduced by 0.25% from 1st September

Base Rate tracker mortgage - If you have a Bank of England tracker mortgage, your interest rate will change automatically in accordance with the terms and conditions of your account

If you have any other questions about your savings or mortgage account, please visit your local branch or call us on 03450 50 50 75.