Understanding the Base Rate

How the Base Rate affects your savings can seem complex. We're here to help break down the facts.

What is the Base Rate?

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.

How can a Base Rate change affect your account?

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.

What will happen if the Bank of England Base Rate falls to 0% or below?

In the event of the Bank of England announcing a rate of 0% or below, we will keep our rates under review.

Accounts with a fixed rate

Your account will not be affected.

Accounts with a variable rate

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.

How to check what your interest rate is

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.

To view your current interest rate, simply log on to Internet Banking or use the mobile or iPad app.

If you don’t use these services, you can use our PDFs to find your interest rate.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. 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.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

Save the Change® is a registered trademark of Lloyds Bank plc.