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:
If you have any queries regarding these changes please use our webchat facility to speak to one of our Customer Care advisors.
We are reducing all our residential and commercial standard variable rates (knowns as SVRs) by 0.65% from 1 May 2020 as follows:
As a result of the these SVR changes, those mortgages who have a discounted variable rate product linked to one of these SVRs will see a rate reduction of 0.65%.
No. The reduction in our standard variable rates (SVR) will not apply to you if you have a fixed rate mortgage product. Your current interest rate will remain the same until you reach the end of your fixed term period, when we will write to you to discuss your options.
No. You will be unaffected by the change if you have a fixed rate savings product. The interest rate will remain the same on your fixed product until it reaches the end of its term. We will write to you around that time to discuss your options.
We are reducing:
For details of the new rates please view our revised interest rates summary
This will be dependant on the type of savings and/or current account you hold:
We will be contacting those customers to whom this change applies to during April 2020 with details of the new rates and the dates from which they will apply.
The dates reflect the terms and conditions relevant to each account type.
There are no changes to overdraft rates as a result of these changes, however, on 9th April all personal current account authorised and unauthorised overdraft rates were temporarily reduced to 0%.
Business current account overdraft rates are unchanged and customers with individual negotiated overdraft rates will have been contacted separately to explain how the rate reduction will affect them.