Society to increase variable rates for borrowers and savers from 1 June 2023

In response to the Bank of England Base Rate increase to 4.50%, the Society will be increasing its variable interest rates for savers and borrowers from 1 June.

This increase is the Society’s second of the year and follows increases to our Standard Variable Rate (SVR) and variable savings rates on 1 March 2023.

Mortgage and Savings Tracker Products

Customers with savings and mortgage tracker products linked directly to the Bank of England Base Rate will see their rates change with effect from Monday 15 May 2023.

Savings Rate Changes from 1 June 2023

For savers, selected current and closed issue variable rate savings accounts will be increasing on 1 June. The new rates will be available in branch and on the Society’s website in due course.

A document of current and closed issue savings accounts with rates increasing from 1 June is now available to download.

Mortgage Rate Changes from 1 June 2023

For borrowers, the Society’s Standard Variable Rate (SVR) will increase from 7.99% to 8.49% on the 1 June, affecting borrowers on SVR and discounted variable rate (discount-to-SVR) mortgage products.

Existing mortgage customers will receive a direct written communication advising of the change of interest rate and the impact on their monthly mortgage payments.

For any borrowers worried about making their mortgage payments, please contact us on 01623 676340.

Fixed Rate Mortgage and Savings Products

Anyone currently on a fixed rate mortgage or savings product will see no change to their interest rate, or to their monthly mortgage payments, as a result of these changes.

Staying in touch

Full details of the new savings rates will be available on the Society’s website or from any of our branches in due course.

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.

News updated: 19.05.23