Bank of England Base Rate Changes
Updated 01 August 2024
The Bank of England base rate decreased from 5.25% to 5.00% on 01 August 2024. For more information on this change, visit the Bank of England website.
What this means for your accounts
Savings
We're decreasing rates on some of our savings products on 12 September, find out more about these changes below.
Our variable rate products will be decreasing by 0.25% on 12 September 2024. Visit the savings product pages to learn more about the changes.
Once opened, the rate on a fixed rate account does not change until the account matures (comes to an end). We regularly review our fixed rate savings range and reserve the right to withdraw and replace the accounts that are available without notice.
Mortgages
We're decreasing our Standard Variable Rate and rates on some of our mortgage products on 01 September, find out more about these changes below.
If you have a fixed rate mortgage, your interest rate is fixed until the end of the initial term. This means that any changes to the Bank of England Base Rate won't effect your rate.
The recent change to the Bank of England Base Rate means your monthly payments won't change until the end of your initial term.
If you have a discount mortgage, your interest rate is our standard variable rate (SVR) minus a fixed percentage for the initial term. This means if the SVR changes, your monthly payments do too unless the SVR decreases below the floor rate set in your mortgage agreement.
Our discount products have a floor rate which means your mortgage's interest rate won't go below the floor rate set when you took out your mortgage.
Any changes to the Bank of England Base Rate won't directly effect your rate.
The recent change to the Bank of England Base Rate means we're decreasing our SVR on 01 September 2024 and your monthly repayments will go down. We will send you a letter to detail your new monthly payment and any action you will need to take.
If you have a tracker mortgage, your interest rate is variable and it 'tracks' the Bank of England Base Rate until the end of the term. This means that any changes to the Bank of England Base Rate will effect your rate unless it decreases below the floor rate set in your mortgage agreement.
Our tracker mortgages have a floor rate which means your mortgage's interest rate won't go below the floor rate set when you took out your mortgage.
The recent changes to the Bank of England Base Rate means your monthly payments will go down on 01 September 2024. We will send you a letter to detail your new monthly payment and any action you will need to take.
The recent change to the Bank of England Base Rate means we're decreasing our SVR from 7.60% to 7.43% on 1 September 2024.
If you have a mortgage on our Standard Variable Rate (SVR), your interest rate is the same as our SVR. This means your payments will decrease on 1 September 2024.
If your monthly payment changes as a result of a change to our SVR, we will write to you with details of your new monthly payment.
Do I need to change my monthly payment?
If you pay by direct debit, we will automatically collect the new monthly payment on the payment date detailed in your letter.
If you pay your mortgage by standing order, cash or cheque, you will need to change your monthly payment from the payment date detailed in your letter.
Unfortunately, we cannot change a standing order on your behalf, so you may find it easier to switch to paying by direct debit.
To set up a direct debit to pay your mortgage, simply complete and return the Mortgage Direct Debit Mandate or request a form by calling our Customer Contact Centre or from your local branch.
Frequently Asked Questions
The Bank of England sets an interest rate ('Bank Rate', also known as 'Base Rate') at which it lends to financial institutions. This interest rate then affects the range of interest rates that are set by banks, building societies and other institutions for their own savers and borrowers.
You can find this information on your last mortgage statement from us. Alternatively, please contact us and we can find this information for you.
If your interest rate is changing and it impacts your monthly repayment, we will write to you 10 working days before the change takes effect.
You can also register for Your Account to keep track of your interest rate, and any savings accounts you have with us.
If we decrease the interest rate on your savings account, and you have £100 or more in the account, you will receive a personal notification 14 days before your rate changes. We will also publish the information in your local branch and on our website.
If we increase the interest rate on your savings account, we will publish this information within 3 working days of the change in your local branch and on our website.
You can also register for Your Account to keep track of your interest rate, and any mortgages you have with us.
If you would like further information on your mortgage or savings account please contact us.