Our plans if the Bank of England base rate increases by 0.25%

We’ve recently announced a number of potential changes to our Mortgage and Savings rates if the Bank of England raises its base rate on Thursday 2 November 2017 by 0.25%.

If this happens, we will be:

  • Increasing Savings rates by 0.25% for all members who received a reduction of 0.25% following the base rate reduction in September 2016.

We will review our response should the base rate increase by anything other than 0.25%.

Other products

We're working through what a base rate change will mean for our Business Savings customers with variable rate products. We will communicate any changes in due course. Our Current Account rates are unaffected.

Find out more: Savings FAQs

The Bank of England is due to announce the results of its base rate meeting at 12pm on Thursday 2 November. This is when it will announce whether there will be a rate change or not. The results are usually covered by all major news outlets and we will update our own website with information as quickly as we can.

Should the Bank of England announce a 0.25% base rate rise on 2 November, all products that received the full 0.25% decrease in September 2016 will receive the full 0.25% increase.

Some instant access savings accounts will not see an increase - this is where rates were not reduced by the full 0.25% as a result of the base rate reduction in 2016. For example, we protected the rates for members in popular products like Flexclusive Regular Saver (5%), Help to Buy ISA (2%), and Save to Buy ISA (2%). These rates will therefore remain unchanged.

If the base rate increases on 2 November, changes to savings rates will be effective from 1 December 2017 and full information will be made available on our website and within the Internet Bank.

Absolutely not. As part of our Savings Promises, we don't offer special savings accounts that are aimed at brand-new customers. We value the fact that existing members are what makes our Society strong – and that's why we like to say thank you to loyal members with our exclusive Loyalty Saver account.

We will let members know the accounts that will be changing through our website, our in-branch information and, if you are registered, by SavingsWatch.

We’re working through what a base rate change would mean for our Business Savings accounts. We will communicate any changes in due course.