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Bank of England Base Rate Change

What this means for you

The Bank of England confirmed a base rate increase of 0.25% on 2 November 2017.

This change – the first upwards move for a decade – had been widely expected for some time, and affects our savers and mortgage Members alike.
 

Your savings

As a result of the base rate rise, we are increasing the interest rate on all our variable interest accounts (with the exception of our No Instruction Holding, Adult and Junior Stoke City Football Club and 50 Plus postal accounts) from 2 December 2017.

This table gives you the new savings rates from 2 December:

††  Only available to customers with a maturing Fixed Rate, Fixed Term Bond.

^  Pyramid Bonus rates illustrated do not include the 0.5% gross per annum anniversary bonus payable if you do not make a withdrawal during the preceding 12 month period.  Full details of all other investment accounts are available from any branch office of the Society or from the address shown above. Rates are variable.

^^  Bonus payable subject to product terms

For the majority of our accounts annual interest is paid 1st January and half yearly interest is paid 1st July. Further information is available on individual account terms and conditions.

Interest will be paid gross.

In some circumstances customers will be required to pay tax on interest earned please contact HMRC for further information or view their website:  https://www.gov.uk/apply-tax-free-interest-on-savings.  The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

* Gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded annually.
 

Your mortgage

If you’re on a Fixed Rate Mortgage, your rate and monthly payments will remain unchanged until the end of the fixed rate period. We will write to you closer to the end of your deal.  If you’re on our Standard Variable Rate or a Tracker mortgage, then your rate may change.

We will be contacting any Members affected by these changes as soon as possible.

If you have any questions or concerns in the meantime, please contact your local branch or call 0808 281 9308.