Bank of England Base Rate - 1 August 2024
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 1 August 2024, the Bank of England base rate decreased from 5.25% to 5.00%.
Will my savings rate change as a result of the change to the Bank of England base rate?
Following the base rate changes we are decreasing our variable savings rates on 16 October 2024. View the changes (PDF).
Will you be writing to me to tell me if my account is affected?
Variable Rate Savings accounts
If we increase interest rates, 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.
However, where we decrease our interest rates, we’ll inform you by personal notice, via letter or email, at least two months before we make the change.
Base Rate Tracker account
For Base Rate Tracker customers, the new interest rate on your account will apply without notice, no more than 14 business days following a change in the base rate.
Fixed Rate Savings accounts
Changes to the base rate do not impact any of our savings accounts that have a fixed rate of interest. Any existing fixed interest rates will remain unchanged.
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.
Following a change to your interest rate(s), it may take up to 48 hours to display in online banking and our mobile app. However, interest will be calculated from the effective date above.
Our Co-operative Bank savings interest rates for our current products are available here.
Our smile savings interest rates are available here.
Our Co-operative Bank savings interest rates for our off-sale products 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.