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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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31 Aug 2018

Changes to Interest Rates

On 2nd August 2018, the Bank of England announced that they were raising the Bank Rate from 0.50% to 0.75%.

In response to this increase, Monmouthshire Building Society has decided to:

  • Pass on the full rate rise to savers – the Society will increase the rates of all variable rate savings accounts by at least 0.25%.
  • Increase our Standard Variable Rate (SVR) for mortgage lending from 4.99% to 5.24%, in line with the Bank Rate increase.

When will this happen?

The interest rates of our variable savings accounts will be increased by 1st September 2018. Please note the interest rates of our tracker accounts have already increased in line with the Bank Rate.

Our SVR will be increased for all new mortgage business on 1st September 2018.

The SVR will increase for existing mortgage customers on 1st October 2018.

How will this affect our members?

Savers:

If you have a variable rate savings account with us, your interest rate will increase by the 1st September 2018. We will not write to you to inform you of the change, but you should be able to see your new rate in My Accounts shortly after the change happens.

If you have a fixed rate savings account, your interest rate will not change.

Borrowers: 

If you have a fixed rate mortgage, the increase in our SVR will not affect you - there will be no change to your interest rate or your monthly repayments.

If you have a variable rate mortgage with us, such as a discount mortgage or a tracker mortgage, your interest rate will increase by 0.25% on 1st October 2018. This means your monthly repayments will increase. We will contact you in writing to inform you of the new repayment amount, and when it takes effect from.

If you are currently on our SVR, your interest rate will increase by 0.25% on 1st October 2018. This means your monthly repayments will increase. We will contact you in writing to inform you of the new repayment amount, and when it takes effect from.

What to do if your rate is changing:

If you pay your mortgage by Direct Debit, you do not need to do anything. We will write to you with details of your new payment and collect it monthly as normal. 

If you pay your mortgage by standing order, you will need to contact your bank and amend your standing order from the date the next repayment is due. We will advise you in writing of your new monthly repayment.

Help and Support

If you have any concerns about the increase, please contact us on 01633 844370.

You can obtain additional help and information from the following organisations:

Citizens Advice:

- Web chat service available 
- Call 0344 477 2020

National Debt Line:

- Web chat service available
- 0800 002 9051

Money Advice Service:

- Web chat service available 
- 0800 138 7777