Increase to Mortgage and Savings rates
On the 22 June 2023, the Bank of England increased the base rate from 4.50% to 5.00%. Following this change, we’ve reviewed our savings and mortgage rates.
You can find details of the upcoming changes below:
- We’re increasing savings rates on all savings accounts, including accounts not on sale, from 13 July 2023
- We’ll confirm specific rates next week
- We’re increasing our residential standard variable and variable rates by 0.50% from the 1 August 2023
- We’re increasing our commercial standard variable rate by 0.75% from the 31 July 2023
We’ll contact Members affected in the next few weeks. We’ll include details of when the change will come into effect and what your new rate will be.
Help and support
We know that circumstances can change. If you’re worried about making your mortgage payments, please contact us as soon as possible. The sooner you contact us, the sooner we can help you.
We recently signed the new government mortgage charter. We did this because we want our Members to know that we’re there to help if they need.
We keep interest rates under review against the backdrop of the changing economic environment. We try to balance the needs of our savers and borrowers as we pursue our mission to build a greener society.
When you save with us, you can be confident that your money has a real impact. You help to support energy efficient buildings and sustainable communities.
Published: 7 July 2023
Author: Laura Baines