The Bank of England Base Rate was reduced from 0.50% to 0.25% on 4th August 2016. We have looked at how this will impact our mortgage and savings interest rates. We know you've probably got some questions about what this could mean for you, so we've put this page together to give you a bit more information.
Why has this happened?
This is the first change to the Base Rate since March 2009. The Bank of England's Governor Mark Carney said the Base Rate has been cut because the outlook for the economy has “weakened markedly” since the UK voted to leave the European Union.
What does this mean?
Like all banks and building societies, we use the Base Rate as one of many factors when setting our savings and mortgage interest rates. So a change to the Base Rate may have a knock-on impact on the rates we can offer.
If you still have any questions about how your savings or mortgage could be affected, we're here to help - you can visit your local branch or call us on 0345 850 1700.