Bank of England Bank Rate Rise August 2022: Balancing interests
Following the latest Bank of England Monetary Policy Meeting on 4th August, the Bank Rate was increased by 0.50% from 1.25% to 1.75%.
As a mutual, the Society must balance the interests of all its members, both savers and borrowers, while ensuring it remains a sustainable business.
What this means for our savers
We’ve reviewed our position and are pleased to announce that all savings tracker accounts will benefit from a 0.50%. interest rate rise from 17th August 2022.
We’ve also reviewed our variable rate savings accounts and we’ve taken the decision to increase the rates on these accounts on the same date.
What this means for our borrowers
Passing on interest rate rises to borrowers is a difficult decision to make, especially when so many of our members are facing such a challenging economic climate. As such, we are still reviewing our Standard Variable Rate (SVR) and will make any announcements in due course
As always, we have support and advice available for any members or colleagues who are struggling to meet their mortgage repayments.
Useful Resources
We have a list of useful resources available on our website, including organisations who can offer independent advice and support.
