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Bank of England Base Rate, what it means for Leek United Members

7th November 2017

LEEK United is increasing its interest rates for savers. 

The Society will increase the rates on all its variable interest accounts^^ with effect from 2 December 2017, following the Bank’s Monetary Policy Committee decision to increase the base rate by 0.25%.

John Kelly, Leek United’s Operations Director, said: “This can only be good news for our Savings Members.

“We are delighted to pass on the benefits of a base rate rise to the majority of our savers^, who can look forward to an improved return on their money.

“The base rate change also has implications for our mortgage Members. We are currently in the process of reviewing the rates across the Society’s whole range of mortgage offers. Our mortgage Members have our assurance that we will continue to provide them with competitive, value-for-money products at rates that are both fair and sustainable.  We will be contacting all our mortgage Members affected by any changes to their mortgage rate shortly.”

Alongside the rate rise, the Society is also launching a competitive range of new and improved Fixed Rate Fixed Term Bonds and Fixed Rate Fixed Term ISAs, available from 1 December 2017.

The new bonds and ISAs – which will be released on 1 December:

One-Year Fixed Rate, Fixed Term Member Only Bond
Annual interest 0.95% Gross*/AER**
Monthly Interest 0.95% Gross*/AER**

Two-Year Fixed Rate, Fixed Term Member Only Bond
Annual interest 1.05% Gross*/AER**
Monthly Interest 1.04% Gross*/1.05%AER**

Fixed Rate Fixed Term ISAs
1 year fixed rate ISA – Annual interest 1.05% Gross*/AER**
2 year fixed rate ISA – Annual interest 1.15% Gross*/AER**

For full details – and more information on the savings rate changes – please click here.

^ A customer with multiple accounts may not benefit from the 0.25% increase on all the accounts they hold, and 0.25% increase may be dependent on balances held.

^^with the exception of No Instruction Holding Accounts, Adult and Junior Stoke City Football Club and 50 Plus Postal Accounts

* 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.

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