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Exceptional circumstances

The circumstances currently prevailing are no longer exceptional under each of two separate tests, which have been defined by the Society Board as follows:

Last Updated: 12 February 2024.

1. Base Rate is less than or equal to 2.7%

Current Level Threshold Status

Bank of England Base Rate
(last changed 03/08/2023)

5.25% 2.70% Exceptional circumstances no longer prevail
Bank of England Base Rate (%) graph November 2010 to February 2024

2. Base Rate minus the UK average Instant Access savings rate (as published monthly by the Bank of England) is less than or equal to 2.25% for each of the three preceding months

Latest Status
UK average Instant Access savings rate** 2.73% Exceptional circumstances no longer prevail

Bank of England Base Rate

5.25%

Difference between UK average Instant Access savings rate and Bank of England Base Rate

2.52%

** If you wish to look at historical data, visit the Bank of England website.

Bank of England Base Rate Minus Average Branch Instant Access Savings Rate (%) graph November 2010 to February 2024

The circumstances would be exceptional if either of these tests are satisfied.

Overall status:

Exceptional circumstances no longer prevail

We promised to track the performance of these tests and exceptional circumstances do not currently prevail. We will voluntarily restore the ceiling on our residential and buy-to-let standard variable rates during the period exceptional circumstances no longer prevail.

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