Changes to Mortgage Standard Variable Rate and Savings interest rates
We work hard to offer competitive savings and lending products, and we always strive to balance the needs of both savers and borrowers. Following the decision by the Monetary Policy Committee (MPC) to reduce the Bank of England’s Base Rate, we are reducing mortgage customers' standard variable rate (SVR) by 0.35% to 3.89% and establishing new standard interest rates.
In recent years, market conditions have resulted in reductions in savings rates and as a consequence of this, and the MPC’s decision, we have revised our standard interest rates. These rates are: Instant Access ISA 0.50%, Internet Saver 0.40% and Instant Access Savings 0.25%.
We will write to all savings customers with instant access accounts, providing two months’ notice before any change takes effect. If customers have any questions they can check their interest rates using online and mobile banking or by contacting us directly on the following numbers: