Changes to variable savings and mortgage interest rates

Last updated Wednesday 9 August 2023

On 3 August 2023, the Bank of England increased 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 savings and mortgage products.

Mortgage FAQs

Savings and Current Accounts FAQs

  • I have a fixed rate savings product, will my rate increase?

    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.

  • What are you increasing my savings/current account rates to?

    Open and closed issue variable savings rates will be increasing by up to 0.25% from 10th August 2023.

    • Closed issue 1 year term variable rate products will increase by 0.25% from 23rd August 2023
    • Current account credit interest rates and standard personal business overdraft rates will remain unchanged.
  • Will the rate increase impact overdraft rates?

    There are no changes to standard personal or business overdraft rates as a result of these changes. Business customers with individual negotiated overdraft rates will have been contacted separately to explain how the rate increase will affect them.