Changes to variable mortgage, savings and current account interest rates

Last updated Friday 17 April

On 11 March and 19 March, the Bank of England announced emergency reductions in the bank base rate totalling 0.65% in response to the Covid 19 crisis.

As a result, we will be making the following product changes:


  • Reducing all our residential and commercial standard variable rates ( known as SVRs) by 0.65% effective from 1 May 2020. Letters to customers impacted by this change will be sent in early May with details of new mortgage payments.
  • Fixed mortgage rates will remain unchanged
  • Please see the FAQs below for more information

Savings and Current Accounts

  • Reducing variable savings rates from 1 May 2020 by between 0.10% and 0.65%
  • Reducing current account credit interest rates from 1 July 2020 by between 0.10% and 0.25%
  • Fixed savings rates will remain unchanged
  • Letters to customers impacted by these changes will be sent in the week beginning 20 April
  • Please see FAQs below for more information
  • For details of the new rates please view our revised interest rates summary

If you have any queries regarding these changes please use our webchat facility to speak to one of our Customer Care advisors.

Mortgage FAQs

Savings and Current Accounts FAQs