Updated 11 February 2025
Following the Bank of England base rate decrease of 0.25% to 4.5% on 6 February 2025, we have considered how this affects the Society’s savings and mortgage interest rates.
Savers
Our savings interest rates will reduce on average by 0.25% across our account product range. The new interest rates for our current and closed savings accounts are listed here. These new account rates are effective from 5 March 2025. Several factors are considered when deciding on whether to move interest rates and by how much, including market conditions, and balancing the needs of both savers and borrowers.
Borrowers
Our Standard Variable Rate (SVR) will decrease by 0.20% from 6.60% to 6.40% on 5 March 2025, affecting all variable rate mortgages.
Another rate reduction is positive for borrowers. Whilst the full 0.25% reduction may have been expected, in overall terms we believe we continue to protect borrowers and provide fair value.
Formal notifications will be sent by post to borrowers detailing how these changes affect their mortgage payments, on or around 20 February 2025.
Thank you for your continued loyalty.
