The Bank of England reduced the bank base rate from 5.00% to 4.75% on 7 November 2024.
Keep reading to learn more about what this latest update means for our members.
We're currently reviewing how the most recent base rate change will impact our members. Any updates will be posted on this page and members will be contacted directly to confirm changes to their rates.
The base rate is the rate of interest set by the Bank of England to help control inflation. It's important because it influences the interest rates set by banks and building societies for their savings and mortgage customers.
We'd review the impact of any further bank base rate changes along with the market and other economic factors at the time. It may impact the interest rates we provide on our savings and mortgages.
If you have an account with the Society and can’t remember the rate or type of rate, take a look at our ‘Closed Issues’ document.
Did you know that your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to the value of £85,000 (£170,000 for joint accounts)?
We’re here to help if you have any questions about the base rate change or your accounts with the Society. Visit our ‘Contact Us’ page to find out more.
01282 440500 * 