Interest Rate Update – May 2023
Thu, 11 May 2023
Hanley Economic Piggy Bank image

Following the 0.25% increase in the Bank of England base rate announced on 11th May 2023 to 4.50%, customers who either have a mortgage or savings product which is directly linked to the Bank of England base rate will see their rate rise to reflect the increase on 1st June 2023.

Savers with a variable rate account will see their interest rate increase by 0.25% from 1st July 2023.

The Society’s Standard Variable Rate (SVR) will increase from 6.99% to 7.44% from 1st July 2023. The increase of 0.45% is the first increase since 1st December 2022. During this period, Bank Base Rate has increased on 4 occasions totalling 1.00%.

See all of our interest rates here.

For more information, please contact your local branch, or email Savings or Mortgages respectively