Base Rate Changes

The Bank of England Base Rate influences the interest rates of banks and building societies across the country. A change to the Base Rate may impact rates paid to savers and charged to borrowers. The extent of any change to savings and lending rates will be determined independently by each organisation.

6^th February 2025 - 4.75% to 4.50%

7^th November 2024 - 5.00% to 4.75%

1^st August 2024 - 5.25% to 5.00%

3^rd August 2023 - 5.00% to 5.25%

22^nd June 2023 - 4.50% to 5.00%

11^th May 23 - 4.25% to 4.50%

23^rd March 23 - 4.00% to 4.25%

2^nd February 23 - 3.50% to 4.00%

15^th December 22 - 3.00% to 3.50%

3^rd November 22 - 2.25% to 3.00%

22^nd September 22 - 1.75% to 2.25%

4^th August 22 - 1.25% to 1.75%

15^th June 22 - 1.00% to 1.25%

5^th May 22 - 0.75% to 1.00%

17^th March 22 - 0.50% to 0.75%

3^rd February 22 – 0.25% to 0.50%

16^th December 21 – 0.10% to 0.25%

If interest rates increase, we will communicate the change on our website, via email and through notices in branches. If interest rates decrease, we will send a personal notice to all members with a savings balance of £100 or more 14 days before the change is due to take place. Please refer to section 10 of our General Savings T&Cs for more information.

We review similar accounts, holding similar levels of deposits, available in branch-based networks. We believe all our accounts compare favourably with similar types of organisations, which continue to provide personal service via branches in local communities.