How will the change to the Base Rate affect my savings account?

On 2nd November 2017 the Bank of England announced an increase in the Bank of England Base Rate from 0.25% to 0.50%.

What is the Base Rate (also known as the Bank Rate)?

The Base Rate is set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. The Base Rate is reviewed monthly and can be increased or decreased by the Bank of England at any time. 

What does it mean for my savings account?

The Bank of England Base Rate is one of a number of factors we take into account when reviewing interest rates. Any change in the Base Rate will form part of ongoing rate reviews across our savings product range.

How will I know if the interest rate of my account is affected?

If you have a savings account which:
- tracks the Bank Rate, your rate will change on 1st December 2017.
- has a fixed rate of interest, your account will not be affected by this change.
-has a variable rate of interest, your account may be affected.  For more details to see if the rate on your account has changed take a look here.

If you are unsure which type of account you hold, please refer to your account conditions.

Other ways of checking your savings interest rate

You can view all rates for accounts we offer on our interest rate pages or by signing into online banking.