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What is the Bank of England Bank Rate?
It is the official Bank Rate set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The interest rate on a Base Rate linked product will fluctuate in line with changes to the Bank of England Bank Rate – the rate of interest may increase or decrease over the term of the facility and this will affect both the interest charged on overdrafts/loans and the total repayment amount on loans.
The current Bank of England Bank Rate is 5.00% (effective from 1st August 2024).
If you believe you may be heading into financial difficulties, or are struggling to meet your monthly financial commitments, please don’t ignore the problem, we can help provide you with support.
Your repayments
When the Bank Rate changes this could affect your payments on any borrowing you may have taken with us, such as loans or overdrafts.
If you have a product where the interest rate directly tracks the Bank of England Bank Rate, the interest rate we charge you will always move in line with the changes to the Bank Rate.
If you have a product where the interest rate is fixed, a change in the Bank Rate won’t affect the fixed interest rate during the fixed rate period. However, the interest rate you move to after the fixed rate period ends may be variable, and therefore could change in response to changes in the Bank Rate.1
Use our ‘rate change calculator’ below to work out how a change in the Bank Rate could affect your loan repayments and business finances.
1There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.
Rate Change Calculator
Where do i find this?
Log in to Internet Banking to view your most recent balance. Alternatively, you can find your balance in your most recent annual statement, you’ll need to take into account any payments made since the date of the statement.
Remaining termThe length of time you have left to pay back your borrowing. You can calculate your remaining term by taking your total loan duration as listed in your loan agreement and subtracting time elapsed since your loan start date.
Where do I find this?
Please enter the total interest rate as shown on your most recent loan statement.
What is this?
Use the + or - buttons to add or deduct incremental changes of 0.25%. Or just type in the actual rate change you'd like to see illustrated. Interest rate change can be a positive or negative number.
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What happens when the Bank of England announces a Bank Rate change?
- For our existing customers any change in interest rate will usually take place immediately following the Bank of England’s announcement
When the Bank Rate changes, notices will be placed in a selection of national newspapers, on our website, and in our branches within three business days of Bank of England’s announcement.
Managing your loan or overdraft online
You can check your loan or overdraft balance, monthly payments and interest rate with Business Internet Banking. Log on to Internet Banking.
If you are not registered for Internet Banking yet, you can register with our simple three-step registration process. Find out how to register.
Re-financing your loan or overdraft
If you have a named Relationship Manager you should contact them in the first instance. If not, please speak to someone in the Business Management Team on 0345 072 5555 or +44 1733 347 338 if you're outside the UK. The Business Management Team are available from 7am to 8pm Monday to Friday and 9am to 2pm Saturday.
Re-financing your loan or overdraft
If you have a named Relationship Manager you should contact them in the first instance. If not, please speak to someone in the Business Management Team on 0345 072 5555 or +44 1733 347 338 if you're outside the UK. The Business Management Team are available from 7am to 8pm Monday to Friday and 9am to 2pm Saturday.
ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to status. Security may be required.
There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.