Following the Bank of England Base Rate increase of 0.50% to 4.0% on 2 February 2023, we are considering how this may affect the Society’s savings and mortgage interest rates.
Several factors are taken into account when deciding on whether to move interest rates and by how much,including market conditions, and balancing the needs of both savers and borrowers.
Updated: 15 February 2023
BORROWERS
We are pleased to announce that as a result of this recent increase we have made the decision not to increase our Standard Variable Rate (SVR.)
The Bank of England have increased Bank Base Rate 9 times by a total of 3.75% since December 2021. We have been able to limit how much of this increase is passed on to borrowers, with to date only increasing our SVR by 2.05% (1.70% less than the Bank Base Rate).
Updated: 15 March 2023
SAVERS
We are pleased to announce that as a result of this increase, we are increasing the interest rates on our savings accounts. This is effective from 15 March 2023. Click here for the list of rate changes on open accounts effective from 15 March 2023 and here for the list of rate changes on closed to new business accounts effective from 15 March 2023.
Melanie Mildenhall is Head of Customer Service at Newbury Building Society.
