The Bank of England reduced the bank base rate from 4.75% to 4.50% on 06 February 2025.
Keep reading to learn more about what this latest update means for our members.
Fixed rate savings will be unaffected by the change in base rate, and your interest rate will remain the same until the end of the fixed term.
Variable rate savings are currently being reviewed and we'll contact account holders directly with further information.
Tracker rate savings will see rates decrease automatically as per the accounts’ terms and conditions.
We're currently reviewing our rates and will contact members directly with further information.
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 * 