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Base rate change update, February 2023

Date published: 27 February 2023

Read time: 2 minutes

Newcastle Building Society's Cobalt headquarters in spring

Update 27th February 2023

Following the decision made by the Bank of England on February 2nd 2023 to increase the base rate of interest from 3.50% to 4.00%, we are announcing that we will be increasing rates across selected variable rate products by up to 0.50%.

The rate changes will come into effect from 6th March 2023 and will mean all of our variable rate savings products will offer a minimum interest rate of 2.00%.

All members with a savings or mortgage product directly linked to the base rate will see their rate increase automatically in accordance with the terms and conditions of their product.

Customers can find more information on our website here or visit a local branch.

Update from 2nd February 2023

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.