Bank of England Base Rate Decrease

Savings rates FAQs

What’s my current interest rate and is it fixed or variable?

Details of our savings products can be found in the closed issues document. Alternatively, please call our team for more information about your current interest rate/product type on 01282 440500.

When do the changes take effect?

The date the changes take effect varies depending on the type of variable rate account you have with us and the notice period we need to give you, as specified in your original product terms and conditions.

Do I need to do anything in response to these changes? 

No, you don't need to do anything in response to these changes; your account will update automatically. 

What if I’m unhappy with the new rate?

If you're unhappy with your new rate, it might help to review your rate against the market. We try to keep our rates as fair as possible, but it's always sensible to look at your options regularly. We hope you choose to keep your money with us, but if you decide to move your savings to an account that better suits your needs, you can:

• Transfer to another Marsden Building Society account
  Visit our Savings page to compare our accounts and check if there’s an account that meets your requirements.
• Check the notice period on your existing savings account
  If you hold a notice account with the Society, you’ll need to serve your assigned product notice period before withdrawing/transferring your savings internally or externally. To do this, you'll need to speak to a member of our team on 01282 440500.
• Close your account and transfer to another savings provider 
  Please note: if your account is an ISA and you want to keep the tax-free status of your savings, you'll need to ask your new provider to arrange an 'ISA transfer'.

Can I talk to someone about my savings rate?

We’re always happy to support members with any issues or queries they may have. If you'd like to ask us anything, please get in touch with your local branch or call us on 01282 440500. 

Mortgage rates FAQs

How will the changes affect my mortgage?

• Fixed Rate
  If your mortgage is fixed, then your interest rate won't change, meaning your monthly repayments will remain the same. Your interest rate may change in the future (at the end of the fixed period) and we’ll be in touch about this when your current mortgage term is coming to an end.
• Discounted Variable Rate
  Your mortgage will be affected if it’s linked to our SVR. We’ve written to you to advise you of your new rate and monthly payment.
• Base Rate Tracker
  Your interest rate will automatically reduce in line with your product terms and conditions. Any change in interest rates will take place from the first of the month following the Bank of England announcement.

Can I talk to someone about my mortgage rate?

We’re always happy to support members with any issues or queries they may have. If you’d like to speak to us, please get in touch on 01282 440500.