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Bank of England increases base rate

1st March 2022

On Thursday 3 February 2022, the Bank of England announced a 0.25% increase in its base rate from 0.25% to 0.50%.

Following this announcement we have increased our Standard Variable Rate in line with the Bank of England rate change from 1 March 2022. This means that our Standard Variable Rate has increased from 5.19% to 5.44%.

If your clients are affected by this change, they will have been contacted by letter to explain their new interest rate and monthly payments. They'll start paying their new monthly amount on their usual payment date during March.


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