Our response to the Bank of England Base Rate change 1 August 2024

Following the Bank of England’s announcement that it will decrease the Bank Base Rate (BBR) from 5.25% to 5.00% with effect from 1 August 2024, below is a summary of the actions we’re taking in response.

MORTGAGE ACCOUNTS

Bank of England Tracker Rate Mortgages

We will be decreasing the interest rate on all BBR Tracker mortgage products by 0.25% on 5 August 2024, in line with the terms and conditions relating to BBR Tracker mortgage accounts. We are writing to all Tracker mortgage customers to advise them of the change of interest rate and the impact on their monthly mortgage payments.

Standard Variable Rate (SVR) and Discounted Variable Rate Products

We will be reducing our SVR by 0.25% from 8.89% to 8.64% from 1 September 2024 benefitting customers on our SVR or a mortgage product directly linked to our SVR (e.g. a discounted variable rate product).

We will write to all affected customers advising them of the change of interest rate and the impact on their monthly mortgage payment.

Fixed Rate Mortgage Products

Customers with Fixed Rate mortgage products are unaffected by this rate change until their current fixed rate mortgage product comes to an end.

The Mortgage Charter and Support for Mortgage Borrowers

We fully support the Government’s Mortgage Charter and if you are worried about making your mortgage payments, please speak to us as soon as possible so that we can find the right solution for you before your financial circumstances become more serious.

Further details on how we can help and how to contact us are available online at mansfieldbs.co.uk/worried-you-cant-make-your-mortgage-payments and you can call our Mortgage Customer Services team on 01623 676340.

SAVINGS ACCOUNTS

Bank of England Tracker Rate Savings Products

We will be decreasing the interest rate on the following accounts by 0.25% from 5.25% to 5.00% on 5 August 2023, in line with the terms and conditions relating to these accounts:

• Postal Tracker (1st issue)
• eTracker 90 (1st issue)
• Tracker 90 (1st issue)

Our Double Access Tracker (1st issue) will also see the bonus rate reduce from 5% to 4.75% (for accounts opened less than 12 months ago) and the underlying rate from 3% to 2.75% (for accounts opened over 12 months ago).

Other Variable Rate Savings Products

Our other variable rate current and closed issue accounts will see a rate reduction from 1 September 2024. Existing savers with affected accounts are being notified in writing ahead of the changes.

You can download a summary of variable rate savings changes from 1 September 2024.

Fixed Rate Savings Products

Customers with Fixed Rate savings products are unaffected by the rate change until their current fixed rate savings product comes to an end.

For more information about our savings accounts, visit any of our branches, give us a call on 01623 676350 or visit our website at mansfieldbs.co.uk/savings.

Staying in touch

If you’re an existing member, it’s important that we have your current email address so we can send you details of our latest rates and keep you informed of future changes and other important information quickly.

If we don’t hold your email address or you haven’t given us permission to email you, you can update your details at any of our branches, over the phone, or online by visiting our contact page and selecting ‘Update Marketing Preferences’ in the enquiry type.