Base Rate increase - what you need to know

The Bank of England increased the Base Rate from 0.25% to 0.5% on 2nd November. We’ve put together some information to answer questions you may have regarding your savings account or mortgage with us.

I’m a savings customer, what does it mean for me?

Fixed rate savings account - If you have a fixed rate, your interest rate will stay the same until the fixed rate period ends.

Tracker savings account - If you have a tracker, your interest rate will change automatically in accordance with the terms and conditions of your account.

Variable rate savings account - In October, we increased the minimum savings rate to 0.5% for members, equivalent to the new Bank Base Rate, for all taxable accounts and cash ISAs. Online only accounts have a minimum rate of 0.6%, and the minimum is 0.75% where access is restricted.

Leeds Building Society has consistently paid savers more than the market average interest rate, equating to an annual benefit to our savers of more than £70m.

We’re increasing the rate on all variable Regular Saver accounts by 0.25% to 2.55% from 23rd November.

We’re also increasing rates on all our children’s accounts by 0.25% from 23rd November.

I’m a mortgage customer, what does it mean for me?

Fixed rate mortgage – If you have a fixed rate, your interest rate will stay the same until the fixed rate period ends.

Tracker mortgage - If you have a tracker, your interest rate will change automatically in accordance with the terms and conditions of your account.

Variable rate mortgage – If you have a variable rate, your interest rate will increase by 0.25% on 1st December.

The Society’s residential SVR will increase by 0.25% to 5.69% on 1st December, the same rate when Bank Base Rate was last at 0.50% (August 2016).

The Society’s buy-to-let variable rate will increase by 0.25% to 5.99% on 1st December, the same rate when Bank Base Rate was last at 0.50% (August 2016).

We will write to you if your mortgage rate will change.

If you have any other questions about your savings or mortgage account, please visit your local branch or call us on 03450 50 50 75.

†, CACI’s CSDB, Stock, May 2016 – April 2017. CACI is an independent company that provides financial services benchmarking data and covers 85% of the high street cash savings market