Responding to the Bank of England's Bank Rate Rises November 2022
Following the latest Bank of England Monetary Policy Committee meeting on 3rd November, the bank rate was increased by 0.75% from 2.25% to 3.00%.
The Society has reflected on what this means for both savers and borrowers and having reviewed our positions we’re pleased to share that we will take the following actions:
- We will increase the rates on most, not all, of our variable rate member accounts
- We will increase the rates on both our Community Saver and Charities and Club accounts
- We will not change our lending Standard Variable Rate at this time
What this means for our savers
We’re delighted to announce that we’ll increase the rates on most of our member variable rate savings accounts, with an average increase of 0.53% added to existing member variable rate accounts.
We understand how challenging this time is for charities and local community clubs, and we recognise that there has been a reduction of accounts for these groups in the market. There are also very few accounts that offer interest returns, and this is why we’re proud to pass on increased rates to those clubs and charities who invest with the Society.
The changes will apply to all qualifying accounts, including those on our back book, from Thursday 24th November.
What this means for our borrowers
Protecting members remains our priority and we’ve taken the decision to hold the current standard variable rate (SVR), and we’re not passing on the latest increase to our SVR products at this time.
Members holding tracker mortgages will be impacted by the rate rises and will receive written confirmation of the latest increase, including their new payment details and the dates that the changes will apply from, in due course.
Once again, we’ve reacted swiftly to the recent Bank of England bank rate increases with our members interests at the heart of our decision making.
