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Bank of England Base Rate update

Current base rate: 5.00%

The Bank of England held the bank base rate at 5.00% on 19 September 2024

How does the change affect my savings?

Fixed rate accounts

Fixed rate savings accounts will be unaffected by the change in base rate, and your interest rate will remain the same until the end of the fixed term.

Base Rate Tracker

Savings accounts with rates directly linked to Bank of England base rate will decrease in line with the terms and conditions.

Changes to Tracker accounts [PDF]

Other variable rate accounts

On Monday 2 September, we decreased most of our variable rate accounts, with no variable rate savings account paying less than 3.05% AER.

Further details of changes to variable rate accounts, including Guarantee accounts, can be found in the Changes to Variable accounts PDF.

Changes to variable accounts [PDF]

How does the change affect my mortgage?

Standard Variable Rate (SVR)

As a result of a change to base rate in August 2024, our Standard Variable Rate (SVR) will remain at 6.50%

Mortgage Variable Rate (MVR)

As a result of a change to base rate in August 2024, our Mortgage Variable Rate (SVR) will remain at 6.79%.

Fixed rate mortgages

Fixed rate mortgages will be unaffected by the change in base rate and your interest rate will remain the same until the end of the initial deal period.

Base Rate tracker mortgage

The rate on your tracker mortgage will reduce in line with the T&Cs. If your mortgage offer states your product has a 'rate cap', the rate won't go above that level. If your mortgage offer states that you have a 'rate floor', the rate won't go below that level.

Frequently asked questions

Savings accounts

Rates on Base Rate Tracker savings products will decrease in line with your product T&C's where applicable.

On Monday 2 September, we decreased most of our variable rate accounts, with no variable rate savings account paying less than 3.05% AER.

Fixed Rate Bonds

Our Fixed Rate Bonds don't allow withdrawals or early closure during the fixed term. We will contact you shortly before the end of the fixed term to let you know your options at that time. 

Limited Access Bonds

Our Limited Access Bonds allow you to access a certain proportion of your savings during the term. Please refer to the product terms and conditions for full details.

Fixed Rate Cash ISAs

You can't make a partial withdrawal from a Fixed Rate Cash ISA during the fixed term. However, you can withdraw the full balance and close your account early. It's important to note that if you do this after 14 days from account opening you'll have to pay an interest penalty, which may mean you get back less than you paid in.

If you want to understand what those charges are likely to be, you can find out by logging into Skipton Online, or our app.

Mortgages

If your Base Rate Tracker was taken out with Skipton Building Society, the new rate will take effect from 15 August 2024.

If your Base Rate Tracker was originally from Scarborough Building Society, the new rate will take effect from 8 August 2024.

If your Base Rate Tracker was originally from Amber Homeloans or North Yorkshire Mortgages, the new rate will take effect from 1 August 2024.

Your monthly payment will change from 1 September 2024.

Yes - we'll send you a letter within 14 days from 1 August 2024 which will include all details you need.

If you have a deal with no Early Repayment Charges (ERCs)

You can switch your product at any time. You can contact our team on 0345 850 1755 to discuss this further.

If you have a deal with ERCs

You may wish to seek advice as to whether paying these is the best option for you. Call us on 0345 850 1755 to discuss this further.

If you have a deal that's coming to an end

We'll contact you three months before, telling you about your options and how to switch your deal if you want to.

If we don't hear from you, we'll send you another reminder six weeks before your current deal ends to remind you of your options for switching.

Depending on your mortgage type, there may be restrictions on the maximum amount you can overpay, either by regular overpayments or as a lump sum, in one year without incurring an Early Repayment Charge. You can usually repay a fixed percentage of your original mortgage balance per year without charge. For more details, see your mortgage account summary in the Skipton app or in Skipton Online, or refer to details in your mortgage offer.

Making a lump sum overpayment may lower the amount of interest you pay each month and may trigger a recalculation of your monthly repayment amount to reflect this. Some lump sum overpayments may incur an Early Repayment Charge. Please refer to your mortgage offer.

Debit card lump sum payment

You can make a lump sum card payment by call us on 0345 850 1711.

Bank transfer

It is possible to make a bank transfer for an overpayment using the details below:

  • Account holder name: Your full name
  • Account number: 70798924
  • Sort code: 20-78-91
  • Account Type: Personal
  • Reference: Your Mortgage Account number

Please note, the payment details might show up as Barclays as we use them for our banking service. If you don’t enter your 9-digit mortgage account number as the reference, the payment will be returned.

Regular Direct Debit overpayment

If you would like to regularly overpay, we can arrange to increase your Direct Debit amount. Simply call us on 0345 850 1711, speak to us on web chat or send us a Secure Message.

Just let us know how much you would like to pay each month and when you'd like this to take place. We can then arrange for the payment to be increased.

Other ways to make regular overpayments

If you would like to make regular overpayments by standing order or debit card payment then call us on 0345 850 1711 to discuss.

Previous changes

As a reminder, the Bank of England announced the previous decrease on 1 August 2024 from 5.25% to 5.00%. We did not decrease our Standard Variable Rate (SVR) from 6.50%, or our Mortgage Variable Rate (MVR) from 6.79%, in response to the August Base Rate change.

More ways we can help

Still unsure on what the base rate is?

You can find out more information on the Bank of England Base rate changes and track the changes over time on the Bank of England's website.

Bank of England
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