On 11 March the Bank of England reduced the base rate from 0.75% to 0.25%, and then on 19 March made a further reduction to 0.10%, a drop of 0.65% in total.
As a result, we’ve made the difficult decision to reduce the interest rate on our Easy Access savings account by 0.50%.
We’re giving you at least 30 days advance notice of the change, which will happen on 1 July 2020.
So you can see the changes at a glance, there's a summary below:
Easy Access
Issues 1 - 7 Current rate
Rate effective from
1 July 2020
Gross annual interest
rate/AER* 1.00% 0.50%
Gross monthly interest rate 1.00% 0.50%
* AER stands for annual equivalent rate and illustrates the interest rate if we paid and compounded it once each year.
The rate change will take place automatically on 1 July 2020.
As a result, we’ve made the difficult decision to reduce the interest rate on our Easy Access savings account by 0.50%.
We’re giving you at least 30 days advance notice of the change, which will happen on 1 July 2020.
So you can see the changes at a glance, there's a summary below:
Easy Access
Issues 1 - 7 Current rate
Rate effective from
1 July 2020
Gross annual interest
rate/AER* 1.00% 0.50%
Gross monthly interest rate 1.00% 0.50%
* AER stands for annual equivalent rate and illustrates the interest rate if we paid and compounded it once each year.
The rate change will take place automatically on 1 July 2020.
Comment