Notice of reduction of our interest rates

After careful consideration, we’ll be reducing the rate on some of our savings accounts.

If you have an account balance of over £100 at 5 January 2021 in any of the products listed below you’ll receive a letter or an email from us.

Answering your questions

Product description Balance Current rate New rate Implementation date
LIMITED ISSUE ONLINE ACCESS ACCOUNT (ISSUE 12) £1000+ 0.75% Gross‡ p.a./AER† 0.50% Gross‡ p.a./AER† 25/01/2020
LIMITED ISSUE ONLINE ACCESS ACCOUNT (ISSUE 13) £1000+ 0.85% Gross‡ p.a./AER† 0.50% Gross‡ p.a./AER† 25/01/2021
LIMITED ISSUE ONLINE ACCESS ACCOUNT (ISSUE 15) £1000+ 0.70% Gross‡ p.a./AER† 0.50% Gross‡ p.a./AER† 25/01/2021
LIMITED ISSUE ONLINE ACCESS ACCOUNT (ISSUE 16) £1000 - £49,999
£50,000+
0.80% Gross‡ p.a./AER†
0.85% Gross‡ p.a./AER†
0.50% Gross‡ p.a./AER† 25/01/2021
LIMITED ISSUE ONLINE ACCESS ISA (ISSUE 22) £1000+ 0.75% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021
LIMITED ISSUE ONLINE ACCESS ISA (ISSUE 23) £1000+ 0.65% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021
LIMITED ISSUE ONLINE ACCESS ISA (ISSUE 26) £1000+ 0.65% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021
LIMITED ISSUE ONLINE ACCESS ISA (ISSUE 27) £1000+ 0.80% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021
LIMITED ISSUE ONLINE ACCESS ISA (ISSUE 28) £1000+ 0.55% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021
ONLINE ACCESS ISA £1+ 0.50% Tax-free§ p.a./AER† 0.50% Tax-free§ p.a./AER† 26/01/2021

For all the products listed above, you can close your account, move your money to another provider or withdraw at any time without any charges or loss of interest.

Rates correct as at 11 January 2021.

Answering your questions

Why are you cutting rates?

After careful consideration and to balance the needs of our borrowers and savers, we have made the difficult decision to reduce interest rates.

Are all of the Society's savings accounts affected?

Not all of our savings accounts are affected. You’ll find a complete list of those accounts where rates have changed shown above.

Have the Society's mortgage rates been affected?

Our mortgage rates remain the same and are not affected by these changes.

When will my interest rate change?

You’ll find information on when rates change shown above. If your balance was over £100 on 5th January 2021, we’ll send you an email 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 5th January 2021, 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 you can close your account and move your money or withdraw at any time without any charges or loss of interest.

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

No problem. Any of our available savings accounts can be opened by existing customers.