The Bank of England Monetary Policy Meeting on the 22nd September resulted in the Bank Rate increasing by 0.50%, from 1.75% to 2.25%. With the Bank of England Bank Rate now at its highest level since 2008, the Society is taking immediate action to benefit all its members responsibly.
Product Marketing Manager James Mann said, “We’re responding and reacting to the latest rate rises from the Bank of England swiftly.
“The majority of our variable savings accounts, but not all, will increase from 19th October, and the weighted average will be 0.33%, recognising member loyalty and an ongoing commitment to savings.
“We’ve also taken the decision to delay passing the rate rise on to our borrowers until 1st November 2022.
Since December 2021, the Bank Rate has risen 2.15% but the Society’s SVR will have only risen 1.75%, including the most recent rise to apply from November.
We know this is a challenging time for many people as we all continue to battle continued pressures on the cost of living. Our primary aim is to protect and support our members by offering products and services that are responsive to a fast changing economic climate.”
Chief Customer Officer, Eve Wilkins added, “This is the seventh consecutive rate rise from the Bank of England, and as a mutual, we have to be considerate of the impact continued Bank Rate Rises will have on our members, both savers and borrowers, and on our ability to remain a sustainable business. Once again, we are one of the first providers to act swiftly and decisively for the benefit of our members.”
