Bank of England Base Rate increase - update as of 17 May 2023
Following the Bank of England Base Rate increase of 0.25% to 4.5% on 11 May, we announce the following changes:
Savers will receive an average 0.25% increase in interest rates effective 1 June 2023, reflecting the change in Bank Rate (note there may be some variation by product).
Click here to view our savings account rates effective from 1 June 2023.
Our standard variable rate (SVR) will increase by 0.15% (from 6.25% to 6.40%) on 15 June. Our SVR remains bottom quartile in the market, and we have passed on only 2.45% of the 4.25% Bank of England rate movement since December 2021.
As you know, several factors are considered when deciding on whether to move interest rates and by how much, including market conditions, how other organisations react, and of course to balance the needs of both savers and borrowers. This does take time to consider, and we thank you for your patience while we determine our approach.
Thank you for your continued loyalty to Newbury Building Society.