Changes to variable mortgage, savings and current account interest rates

We are reducing all our residential and commercial standard variable rates (knowns as SVRs) by 0.65% from 1 May 2020 as follows:

• Standard variable rate - reduced from 4.74% to 4.09%
• Commercial standard variable base rate – reduced from 5.24% to 4.59%
• Buy-To –Let standard variable rate – reduced from 5.65% to 5.00%

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.

If you have a mortgage product that directly tracks the bank base rate, your interest rate will change in line with the 0.65% reduction from 1 April 2020. We have written to those customers who this applies to during April 2020.

Yes. This reduction will mean a change to monthly mortgage payments due at the end of May 2020. A letter will be sent to those customers to whom the change applies to during early May.

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:

• Variable savings rates by between 0.10% and 0.65%
• Current account credit interest rates by between 0.10% and 0.25%

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:

• Savings accounts - 1 May 2020
• Current accounts – 1 July 2020

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.