Our approach to setting interest rates differs markedly from many other institutions. We endeavour to provide competitive rates to all customers for the long term.
The savings market has been impacted significantly by the Bank of England's 'Funding for Lending' scheme. We initially protected our savers by taking many products off the market in order to maintain rates, however we now have no choice but to take further action and we are therefore reducing certain interest rates on 1st June 2013. Details of the new savings rates can be found here.
For borrowers, our standard variable mortgage rate will be reducing by 0.15% to 5.10% on 1st June 2013.