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Base rate change, February 2023

Date published: 2 February 2023

Read time: 1 minute

Following the Bank of England’s decision on 2nd February to increase the base rate of interest by 0.50% from 3.50% to 4.00%, we are in the process of reviewing our savings and mortgage rates.

Members with savings or mortgage accounts that are directly linked to the Bank of England base rate will see their rates change in accordance with their account terms and conditions.

We recently increased selected product rates by up to 0.50% following the base rate change announced in December, increasing our minimum rate to 1.75%. For information on how we responded to the previous change in base rate, please visit this page.