How the Base Rate affects your savings can seem complex. We're here to help break down the facts.
On 2 August 2018 the Bank of England announced an increase in the Bank of England Base Rate from 0.50% to 0.75%.
The Base Rate, also known as the Bank Rate, affects the interest rates offered by Banks, Building Societies and other financial institutions. It is set by the Bank of England, which regularly reviews it and can increase or decrease it at any time.
The Base Rate is one of a number of things we look at when reviewing the interest rates of our savings accounts.
How your interest rate is affected by a Base Rate change depends on whether it’s a fixed or variable account. If you’re unsure what type of account you have, you can check this in the terms and conditions.
Your account will not be affected.
Your interest rate could change.
Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we will write to you to let you know. We will not write to you if we increase your rate
Downtime. It's a precious commodity. So its good to know you can check on your account when you want to. Our online services gives you the flexibility to do just that.
If you don’t use these services, you can use our PDFs to find your interest rate.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.ukVisit the Financial Conduct Authority website. Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
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