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What is the Bank of England Bank Rate?

The Bank of England Bank Rate is the official Bank Rate set by the Bank of England which can affect 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 Loan will fluctuate in line with changes to the Bank of England Bank Rate – the rate of interest may increase or decrease over the committed term of the loan and this will affect the total repayment amount.

The current Bank of England Bank Rate is 0.75%  (effective from 2 August 2018).

If you have a have a base rate loan or mortgage, the interest rate we apply will always move in line with the changes to the Bank of England Bank Rate.

Use our “Rate change calculator” to work out how a change in Bank Rate could affect your loan or mortgage repayments.

Rate change calculator

 

For further details of the standard interest rates applicable to our products please visit:

Business accounts (£0 - £3m turnover)
Lending (£0 - £3m turnover)

Business accounts (£3m - £25m turnover)
Lending (£3 - £25m turnover)

Next steps

If you believe your business may be heading into financial difficulties, or you are struggling to meet your financial commitments, please don’t ignore the problem – talk to your relationship manager or call our business management team:

On the phone

0345 072 5555Call telephone number 0345 072 5555Call telephone number 0800 022 4378

We 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.