Bank of England Base Rate Change - 16 June 2022

What is the Bank of England base rate?

It is the official Bank Rate set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.

The Bank of England base rate can go up or down and is announced at the Bank of England’s Monetary Policy Committee (MPC).

On the 16 June 2022, the Bank of England base rate increased from 1.00% to 1.25%.

Will my savings rate change as a result of the change to the Bank of England base rate?

We will communicate any changes to the interest rates of our savings products in light of this increase to base rate in due course. More information will be made available shortly.

When will interest rates increase?

Following the change in the Bank of England base rate, we are currently reviewing our savings rates and we will be communicating any changes in due course once a decision has been made.

Will you be writing to me to tell me if my account is affected?

If we decide to increase your savings account's interest rate, we’ll apply the higher rate immediately and we’ll tell you about the change within 30 days. We will update customers at the earliest opportunity after the rate is changed in national press advertisements, statement messages, information in our branches and via our website.

Will my fixed rate savings account be affected?

No – the interest rate is fixed so is guaranteed for the length of your term. We will continue to review our rates for new fixed rate products in line with market pricing.

Where can I find details of the rate applicable to my savings account?

You can find the interest rate applicable to your savings account on your statement, within online banking or our mobile app.

Our Co-operative Bank or Britannia savings interest rates are available here.

Our smile savings interest rates are available here.

If you would like more information to ensure you have the best product to suit you, you can contact us via branch, telephone or explore our websites for more information.

To find out more about the Bank of England Base Rate please visit our Co-operative Bank support page.