More in this section

Update 24 August 2018

The Bank of England announced a change to its Bank Rate on 2 August 2018, increasing it from 0.50% to 0.75%.

As well as being affected by the Bank of England Bank Rate, the interest we pay our saving members is directly affected by what we charge our borrowers. As you would expect of a mutual building society, we need to ensure that we balance the interests of all members, whether they are savers or borrowers, and that our mortgage products remain competitive. 

We have now agreed the changes we will make to our savings and mortgage products, and more information is given below. We will also be writing to all members who have an account that is affected in the next couple of weeks, giving more detailed information on the revised interest rate to their account.

SAVINGS

Savings accounts that are not directly linked to the Bank of England Bank Rate

We have reviewed the interest rate of our variable rate savings accounts, and these will increase from 11 September 2018. We will write to all members with a variable rate account that is affected in the next few weeks to let them know the revised interest rate for their account.

Savings accounts that are directly linked to the Bank of England Bank Rate     

The rate of interest on our savings accounts which are directly linked to Bank of England Bank Rate, such as our Tracker Savings Bonds will increase from 1 September 2018. These changes take place automatically as per account terms and conditions. We will let members who have these types of products know in the next few weeks.

Fixed rate savings accounts

Our Fixed Rate Bonds and Fixed Rate Cash ISAs are not affected by the Bank of England announcement.

MORTGAGES

Standard Variable Rate, Residential Investment Standard Variable Rate, and other variable rate mortgages

We will be increasing our Standard Variable Rate and Residential Investment Standard Variable Rate by 0.25% on 25 September 2018. We will be updating our website shortly to show this.

If you have a variable rate mortgage, the interest rate will increase in line with the increase to our Standard Variable Rate and Residential Investment Managed Mortgage Rate.

We will write to any customers who have a mortgage that is linked to one of these rates to let them know their revised interest rate and revised payment amount shortly.

Tracker rate mortgages

The interest rate on these mortgages is directly linked to the Bank of England Bank Rate, and will increase from 25 September 2018. These changes take place automatically as per account terms and conditions. We will write to members who have these mortgages shortly to let them know their revised payment amount.

Fixed rate mortgages

These mortgage accounts are not affected by the Bank of England announcement.