Our response to the 0.25% base rate increase

On 2 November 2017, the Bank of England confirmed a base rate increase of 0.25%.

In response to this, we announced that we would be increasing savings rates by 0.25% for all members who received a reduction of 0.25% following the base rate reduction in August 2016. 

The base rate change came into effect on 1 December 2017 and, from this date and in keeping with our response, we have passed on the 0.25% increase to members with the relevant accounts.

Other Savings products

We will also be increasing the rates on all of our variable Business and Corporate Saver accounts.

Please note our Current Account rates are not affected by the change.

Find out more: Savings FAQs

Following confirmation on 2 November 2017 of a 0.25% increase in the Bank of England base rate rise, all our Savings products that received a full 0.25% decrease in September 2016 have now received a full 0.25% increase.

While 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.

Changes to interest rates for the relevant accounts took effect on 1 December 2017.

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.

You can check the interest rate your account is earning on your statement page in either the Internet Bank or Banking App (if you are registered for Internet Banking). Alternatively, if you are in a branch, ask any member of staff and they will be happy to confirm your interest rate.

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