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Bank of England increases base rate

16th June 2022

On Thursday 16 June, the Bank of England announced a 0.25% increase in base rate from 1.00% to 1.25%.

The Society is currently reviewing what this means for its mortgage and savings rates and will update members in due course.

As a proud mutual building society, we’re committed to being fair to all our members. Over the last six months a number of changes have been made to the Bank of England’s base rate with our most recent changes being shown below.

Mortgage Standard Variable Rate (SVR)

Our SVR increased from 5.44% to 5.69% with effect from 1 May 2022, following the 0.25% increase in base rate announced on Thursday 17 March 2022.

Following the base rate change on the 5 May 2022, no change was made to our SVR.

Savings Rates

Interest rates on a number of our variable rate savings accounts were increased by up to 0.25% with effect from 13 June 2022.

Please click here to see our current savings rates.

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