Selected savings rates will be changing from 1st March 2014.
We are making small reductions to the interest rates paid on selected savings accounts.
Due to the depressed rates in the wider savings market, the current rates payable on some of our accounts have been higher than the best rates available from our competitors for most of the last 12 months as we have sought to protect our existing loyal savers. We’ve been happy to sustain this position over 2013, but to do so we had to close many of our accounts to new customers in order to stem the large inflow of funds which they wanted to invest in the Society.
Going forward the Society needs to return to a ‘normal’ trading position in which savings flow in at a rate at which they can be lent out to borrowers, with accounts being available to new as well as existing members. Unfortunately, to achieve this we have to make selective interest rate cuts as, if we don’t, we run the risk of taking in new savings at an unsustainable rate.
To see our new rates from 1st
March 2014 please click here