Newcastle Building Society promises savers will benefit from Bank of England rate increase

Published Date: 2 November 2017

Further to the base rate increase announced by the Bank of England on 2nd November, Newcastle Building Society has committed that it will pass on in full the 0.25% interest rate rise to all of its individual variable rate savings customers1.

Customer director, Stuart Miller said:

“It’s been a long road for savers who have been on the end of repeated rate cuts and continuing low rates dictated by the bank base rate.  This is the first rate rise in 10 years and we are very pleased to be able to pass it on promptly, and in full to all of our retail variable rate savings customers.”

The Society has also announced that its mortgage Standard Variable Rate (SVR) will not change, meaning the rate rise will only affect borrowers on base rate linked products.

The majority of residential mortgages held by its customers are fixed, which will remain unchanged and operate as set out in their product terms.

-    Ends –

1.    Applies to retail variable rate savings, all of which will benefit from the rate increase. Changes to all accounts will be implemented by 1 December 2017.
2.    Fixed rate savings products remain unchanged and will operate as set out in their product terms
3.    Changes to base rate linked products will be effective immediately.