Bank of England Base Rate Change | BOE changes | YBS
Bank of England Base Rate decrease
The Bank of England (BOE) decreased the base rate from 5.00% to 4.75% on 7 November 2024.
Savings
Variable rate savings accounts
We’ll be reducing our rates on most of our savings accounts on 10 December 2024. You can find your new interest rate here. We’ll write to you if you’re affected.
Fixed rate savings accounts
There is no change to our fixed rate savings accounts.You can find more about our current range of savings accounts on our compare savings accounts page.
Mortgages
Good news for tracker mortgages
We'll be reducing the rate on our tracker mortgages by 0.25% on 8 December 2024. We'll write to you if you're affected.
Tracker mortgage payments won't change until March 2025, unless you contact us
If you want your payments to be recalculated sooner, you can request a payment recalculation online.If you're worried about paying your mortgage now or in the future, find out how we can help.
Standard Variable Rate (SVR) mortgages
We're reducing our SVR from 7.99% to 7.74% on 8 December 2024. We'll write to you if you're affected.
Fixed rate mortgages
There is no change to fixed rate mortgages.
Not sure which mortgage you have?
You can find out your mortgage type by checking your most recent annual statement or mortgage offer.
General FAQs
What is the Bank of England (BoE) base rate?
The BoE base rate is the rate of interest the Bank of England charges banks and building societies to borrow money. This affects the interest rates set by those banks and building societies for their customers. Any change to the base rate may impact the interest rates on savings and mortgages.
Why does the base rate change?
The Bank of England’s Monetary Policy Committee (MPC) changes the base rate. It's part of the action they take to keep inflation low and stable.
What was the previous Bank of England rate change?
The previous base rate change was 1 August 2024 when it decreased from 5.25% to 5.00%.
What happens if the base rate changes again in the future?
We'd review the impact of any further bank rate changes along with the market and other economic factors at the time. It may impact the interest rates we provide on our savings and mortgages.
When could the base rate change again in the future?
The Bank of England’s Monetary Policy Committee regularly reviews the base rate (normally monthly) to decide whether a change is needed.
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