Our response to the Bank of England Base Rate change 7 November 2024

Following the Bank of England’s announcement that it will decrease the Bank Base Rate (BBR) from 5.00% to 4.75% with effect from 7 November 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 11 November 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

For customers on our SVR (currently 8.64%), or a mortgage product directly linked to our SVR (e.g. a discounted variable rate product), there will be no change to your interest rate or monthly payments.

If our SVR does change, 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.

SAVINGS ACCOUNTS

Bank of England Tracker Rate Savings Products

We will be decreasing the interest rate on the following accounts by 0.25% from 5.00% to 4.75% on 11 November 2024, in line with the terms and conditions relating to these accounts:

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

Double Access Tracker (1st issue):

For accounts opened less than 12 months ago and receiving the bonus rate, the rate will reduce from 4.75% to 4.50%.
For accounts opened more than 12 months ago and no longer receiving the bonus rate, the rate will reduce rate from 2.75% to 2.50%.

Other Variable Rate Savings Products

We are currently reviewing our Savings Interest Rates and assessing the impact of this BBR decrease on market conditions.

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.