How does the decision affect my savings?
Fixed rate accounts
Fixed rate savings accounts are unaffected by a 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 the Bank of England Base Rate will be decreased, in line with the terms and conditions.
Other variable rate accounts
We are currently reviewing our savings product rates in light of this change and will contact affected customers in due course.
How does the decision affect my mortgage?
Standard Variable Rate (SVR)
Following the announcement that the base rate reduced to 3.75% on 18 December 2025, our Standard Variable Rate (SVR) which is currently 6.50% is under review.
Mortgage Variable Rate (MVR)
Following the announcement that the base rate reduced to 3.75% on 18 December 2025, our Mortgage Variable Rate (MVR) which is currently 6.54% is under review.
Fixed Rate mortgages
Fixed rate mortgages will be unaffected by any change in base rate and your interest rate will remain the same until the end of the initial deal period.
Base Rate tracker mortgages
Following the announcement that the base rate reduced to 3.75% on 18 December 2025, our tracker mortgages will change in line with the product terms and conditions.
Previous changes
As a reminder, the Bank of England announced the previous decrease on 7 August 2025 from 4.25% to 4.00%.
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.
Savings Frequently Asked Questions
Rates on the Tracker savings products decreased no later than 14 days after the announcement on Thursday 18 December 2025 from the Bank of England.
We are currently reviewing our savings product rates in light of this change and will contact affected customers in due course.
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 Frequently Asked Questions
If your Base Rate Tracker was taken out with Skipton Building Society, the new rate is effective from 1 January 2026.
If your Base Rate Tracker was originally from Scarborough Building Society, the new rate is effective from 25 December 2025.
If your Base Rate Tracker was originally from Amber Homeloans or North Yorkshire Mortgages, the new rate is effective from 18 December 2025.
Your monthly payment changed from 1 January 2026.
Yes - we will send you a letter or email within 14 days from 18 December 2025, which includes all the 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 1711 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 1711 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 calling 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 by clicking on the chat icon on the bottom right of the screen, 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.