Savings - Bank of England Base Rate change - 2nd August 2018
Q. What is the Bank of England base rate?
A. 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 2nd August 2018 The Bank of England base rate increased from 0.50% to 0.75%.
Q. Will my savings rate change as a result of the change to the Bank of England base rate?
A. Following the change in the Bank of England base rate, we have made a decision to increase rates on some of our savings accounts. Please click here for details of which accounts are changing.
Q. When will interest rates increase?
Changes to savings rates will be effective from 30th August 2018.
Q. Will you be writing to me to tell me if my account is affected?
A. Yes - we will update customers at the earliest opportunity after the rate is changed via email.
Q. Where can I find details of the rate applicable to my savings account?
A. You can find the interest rate applicable to your savings account on your statement and on online banking. All our savings rates are available on our website.
If you would like more information to ensure you have the best product to suit you, you can contact us via branch, telephone or go to our website for more information.