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The Base Rate and your Savings account

The Base Rate and your Savings account

Bank of England base rate announcement

On 5 May 2022 the Bank of England announced an increase in the Bank of England Base Rate from 0.75% to 1.00%.  Any Bank of England Base Rate changes are considered within the context of ongoing rate reviews across our product range, and any changes will be reflected on this website.

What is the Base Rate?

The Base Rate, also known as the Bank Rate, affects the interest rates offered by Banks, Building Societies and other financial institutions. It is set by the Bank of England, which regularly reviews it and can increase or decrease at any time.

How can a Base Rate change affect your account?

The base rate is one of a number of things we look at when reviewing the interest rates of our savings accounts.

How your interest rate is affected by a Base Rate change depends on whether it’s a fixed or variable account. If you’re unsure what type of account you have, you can check your terms and conditions.

Accounts with a variable rate

Your interest rate could change. Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we will write to you to let you know. We will not write to you if we increase your rate. If your account tracks the Bank Rate, your rate will change on the first working day of the month.

How to check what your rate is?

Saga Savings Accounts provided and administered by Birmingham Midshires are on our interest pages or by signing into your account online.