Because of the way we work, we need to balance the interest rates we give our savers with the rates we charge our borrowers. The costs of running the Society need to be covered too.
If there’s a change – for example, to the base rate
We may need to lower or increase the interest rates we charge our borrowers. If we do, we may also need to lower or increase the rates we pay our savers.
If other banks and building societies change their rates
We may need to make changes too, so we can still attract new savers and borrowers, as well as keep those already with us.
If the cost of running our Society goes up
We may need to pay our savers less interest or charge our borrowers more.
Our terms and conditions set out all the reasons why we could make changes to your savings interest rate.