Notice of reduction of our interest rates

After careful consideration and as a result of the reduction in the Bank of England base rate from 0.75% to 0.10%, we’ll be reducing the rate on some of our savings accounts.
If you have an account balance of over £100 at 17 April in any of the products listed below you’ll receive a letter or an email from us.

Answering your questions

Account name Your interest rate at 7 May New interest rate and implementation date
 
Defined Access Saver   New rate as of 26 May 2020
 
 Balance £5,000+  1.00% Gross p.a./AER  0.50% Gross p.a./AER
 Balance £25,000+  1.10% Gross p.a./AER  0.60% Gross p.a./AER
 Balance £50,000+  1.20% Gross p.a./AER  0.70% Gross p.a./AER
 
Double Access ISA   New rate as of 26 May 2020
 
 Balance £5,000+  1.30% Tax-free§ p.a./AER  0.80% Tax-free§ p.a./AER
 
Smart Saver   New rate as of 26 May 2020
 
 Balance £5,000+  0.90% Gross p.a./AER  0.40% Gross p.a./AER
 Balance £25,000+  1.00% Gross p.a./AER  0.50% Gross p.a./AER
 Balance £50,000+  1.10% Gross p.a./AER  0.60% Gross p.a./AER
 
Rainy Day Saver   New rate as of 26 May 2020
 
 Balance £10,000+  0.50% Gross p.a./AER  0.25% Gross p.a./AER
 Balance £25,000+  0.55% Gross p.a./AER  0.25% Gross p.a./AER
 Balance £50,000+  0.60% Gross p.a./AER  0.25% Gross p.a./AER
 
Rainy Day ISA   New rate as of 26 May 2020
 
 Balance £10,000+  0.50% Tax-free§ p.a./AER  0.25% Tax-free§ p.a./AER
 Balance £25,000+  0.55% Tax-free§ p.a./AER  0.25% Tax-free§ p.a./AER
 Balance £50,000+  0.60% Tax-free§ p.a./AER  0.25% Tax-free§ p.a./AER
 
Easy Access Saver   New rate as of 26 May 2020
 
 Balance £1+  0.85% Gross p.a./AER  0.35% Gross p.a./AER
 
Access Saver (Annual & Monthly Interest)   New rate as of 27 May 2020
 
 Balance £1+  0.25% Gross p.a./AER  0.15% Gross p.a./AER
 
Access Saver (Issue 2)   New rate as of 27 May 2020
 
 Balance £100+  0.50% Gross p.a./AER  0.15% Gross p.a./AER
 
Access Saver (Issue 3)   New rate as of 27 May 2020
 
 Balance £1+  0.50% Gross p.a./AER  0.15% Gross p.a./AER
 
Access Saver (Issue 4)   New rate as of 27 May 2020
 
 Balance £100+  1.00% Gross p.a./AER  0.50% Gross p.a./AER
 
Easy Access Account (Annual & Monthly Interest)   New rate as of 29 May 2020
 
 Balance £0+  0.25% Gross p.a./AER  0.15% Gross p.a./AER
 
Albion Access Account   New rate as of 20 July 2020
 
 Balance £1+  0.25% Gross p.a./AER  0.15% Gross p.a./AER
 
Blue & Amber Account (Issue 2)   New rate as of 1 June 2020
 
 Balance £1+  0.25% Gross p.a./AER  0.15% Gross p.a./AER
 
Blue & Amber Account (Issue 6)   New rate as of 1 June 2020
 
 Balance £1+  0.50% Gross p.a./AER  0.15% Gross p.a./AER
 
Caringsaver   New rate as of 1 June 2020
 
 Balance £1+  0.25% Gross p.a./AER  0.15% Gross p.a./AER
 
Access ISA (Monthly Interest)   New rate as of 28 May 2020
 
 Balance £1+  0.25% Tax-free§ p.a./AER  0.15% Tax-free§ p.a./AER
 
ISA Saver   New rate as of 28 May 2020
 
 Balance £1+  0.25% Tax-free§ p.a./AER  0.15% Tax-free§ p.a./AER
 
ISA Saver (Issue 2)   New rate as of 28 May 2020
 
 Balance £1+  0.50% Tax-free§ p.a./AER  0.15% Tax-free§ p.a./AER
 
E-ISA   New rate as of 27 May 2020
 
 Balance £1+  0.35% Tax-free§ p.a./AER  0.15% Tax-free§ p.a./AER
 
E-ISA (Issue 5)   New rate as of 27 May 2020
 
 Balance £1+  0.60% Tax-free§ p.a./AER  0.15% Tax-free§ p.a./AER
 
Limited Issue Online Access ISA (Issue 13)   New rate as of 27 May 2020
 
 Balance £1,000+  1.46% Tax-free§ p.a./AER  0.96% Tax-free§ p.a./AER
 
Limited Issue Online Access ISA (Issue 14)   New rate as of 27 May 2020
 
 Balance £1,000+  1.40% Tax-free§ p.a./AER  0.90% Tax-free§ p.a./AER
 
Limited Issue Online Access ISA (Issue 15)   New rate as of 27 May 2020
 
 Balance £1,000+  1.30% Tax-free§ p.a./AER  0.80% Tax-free§ p.a./AER
 
Limited Issue Online Access ISA (Issue 16)   New rate as of 27 May 2020
 
 Balance £1,000+  1.30% Tax-free§ p.a./AER  0.80% Tax-free§ p.a./AER
 
Limited Issue Online Access ISA (Issue 17)   New rate as of 27 May 2020
 
 Balance £1,000+  1.30% Tax-free§ p.a./AER  0.80% Tax-free§ p.a./AER
 
Online Access ISA   New rate as of 27 May 2020
 
 Balance £1+  1.00% Tax-free§ p.a./AER  0.50% Tax-free§ p.a./AER
 
E-Saver   New rate as of 20 May 2020
 
 Balance £100+  0.35% Gross p.a./AER  0.15% Gross p.a./AER
 
E-Saver (Issue 5)   New rate as of 20 May 2020
 
 Balance £100+  0.60% Gross p.a./AER  0.15% Gross p.a./AER
 
Dinosaver   New rate as of 26 May 2020
 
 Balance £10+  1.75% Gross p.a./AER  1.35% Gross p.a./AER
 
Ronnie the Rhino Youngsaver   New rate as of 26 May 2020
 
 Balance £10+  1.75% Gross p.a./AER  1.35% Gross p.a./AER
 
Vault   New rate as of 26 May 2020
 
 Balance £10+  1.75% Gross p.a./AER  1.35% Gross p.a./AER
Youngsaver (Annual Interest)   New rate as of 26 May 2020
 
 Balance £10+  1.75% Gross p.a./AER  1.35% Gross p.a./AER
 
 

For the products listed above, with the exception of Defined Access Saver, Double Access ISA, Smart Saver, Rainy Day Saver and Rainy Day ISA, you can close your account, move your money to another provider or withdraw at any time without any charges or loss of interest.

For Defined Access Saver, Double Access ISA, Smart Saver, Rainy Day Saver and Rainy Day ISA, you can close your account, move your money to another provider or withdraw at any time without charges or loss of interest until 30 June 2020. After this date, any charges or loss of interest on withdrawal specified in the product terms and conditions will be reinstated.

Rates correct as at 7 May 2020.

Answering your questions

Why are you cutting interest rates?

After careful consideration and as a result of the reduction in Bank of England base rate from 0.75% to 0.10%, we have made the difficult decision to reduce interest rates.

Are all of the Society's savers affected?

The majority of our savers are on fixed rate products and so will not be impacted. If you’re on a fixed rate you will continue to receive the benefit of your current rate until your product matures. You’ll find a complete list of those accounts where rates have changed shown above.

When will my interest rate change?

You’ll find information on when rates change shown above. If your balance was over £100 on 17th April 2020, we’ll send you a letter explaining when you can expect your rate to change and the options available to you.

How much is the rate reduction?

You can see the new interest rates for the savings accounts affected shown above. Remember that if your balance was over £100 on 17th April 2020, we’ll send you a letter explaining when you can expect your rate to change and the options available to you.

How are you able to lower my savings rate?

Whilst we don’t like to reduce rates for our savers, we are able to do so on variable rate rates savings accounts. You can find out more about this under section 14.2 of the Society’s General Conditions.

My account is listed above, can I withdraw my money?

For all of the savings accounts shown above – with the exception of any accounts with withdrawal restrictions – you can close your account and move your money or withdraw at any time without any charges or loss of interest. With accounts that have withdrawal restrictions stated within the Terms and Conditions, you can do the same up until 30th June 2020.

Can I move my money to another of your savings accounts?

Yes. Any of our available savings accounts can be opened by existing customers.