We are pleased to announce that we will be applying the full Bank of England base rate increase of 0.50% across the majority of our variable rate savings products. The announcement comes as the Bank of England increased the base rate by 0.50% from 1.25% to 1.75% on 4th August.
The decision to pass the increase on in full will see 99% of savers with a variable rate product benefit from a 0.50% increase. The rate changes came into effect from 25th August, and will mean all variable rate savings products will offer a minimum interest rate of 1.00%.
All members with a savings or mortgage product directly linked to the base rate will see their rate increase automatically in accordance with the terms and conditions of their product.