Bank of England base rate increase
The Bank of England increased the base rate by 0.25% to a rate of 5.25% on 3 August 2023.
Following the latest increase in Bank of England base rate, we can confirm the following:
Savings rates - changes with effect from 15 August 2023:
- All of our variable rate member accounts have received a rate increase of 0.25%, reflecting the full increase in Bank Base rate on 3 August. Find out more about changes to our savings rates.
Mortgage rates - changes with effect from 1 October 2023:
- Standard Variable Rate will increase to 8.24%.
- Buy to Let Variable Rate will increase to 8.54%.
- Interest rates for members on products linked to variable rates (e.g. Discount products) will change by the same amount.
- Bank of England tracker mortgage rates will increase automatically in accordance with their terms and conditions and all fixed rate mortgages remain unchanged.
If your mortgage payment is changing, we’ll write to you to confirm the change to your interest rate and your new monthly payment amount.
If you’re not sure what deal you’re on, or when it ends, you can find this information on your annual mortgage statement.
If you’re worried about making your mortgage payments, we can help.