Changes to variable savings and mortgage interest rates

Last updated Tuesday 10 September

On 1 August 2024, the Bank of England decreased its base rate by 0.25%. Please see below how this change will impact your savings or mortgage with the Cumberland.

What is the Bank of England base rate?

This is the interest rate set by the Bank of England for lending to banks and building societies. Providers will use this, along with market position and cost of funding, to help determine the interest rates for some mortgage and savings products.