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Savings and Mortgage Standard Variable Interest Rates to increase

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Community Manager

Savings and Mortgage Standard Variable Interest Rates to increase

 

Following the change to the Bank of England Base Rate, we will be increasing Standard Variable Interest Rates for our savings accounts and the Standard Variable Interest Rates for our mortgages by 0.15%.

 

The interest rates for our savings accounts will increase on 1st December 2017. The mortgage rate change will take place on 1st February 2018 and mortgage customers will be notified of their revised interest rate in advance of the change taking place.

 

When will my interest rate change?

We will increase our Standard Variable Interest Rates for our savings products on 1st December 2017. The Standard Variable Interest Rate for our mortgages will increase on 1st February 2018.

 

Why are you increasing interest rates by 0.15%?

We are increasing our interest rates by 0.15% as we aim to balance the needs of both our savings and mortgage customers. We believe our decision to increase rates across both products is equitable and fair.

 

What is the new mortgage Standard Variable Interest Rate?

The mortgage Standard Variable Interest Rate will increase to 4.04% on 1st February 2018.

 

What are the new interest rates for savings accounts?

We will be increasing the savings Standard Variable Interest Rates for customers on 1st December 2017 by 0.15%.

 

Customers’ new Standard Variable Interest Rates, not including any bonus rates, will be:

 

  • Instant Access Savings Account: 0.40% Gross/AER (variable)
  • Internet Saver: 0.55% Gross/AER (variable)
  • Junior Cash ISA: 3.15% Gross/AER (variable)
  • Instant Access Cash ISA: 0.65% Gross/AER (variable)

Gross is the interest rate paid before tax is deducted. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.