Why is my rate reducing?
As a responsible provider of both savings and mortgages, our objective is to provide savers with value for money as well as balancing the interests of all our members. We continually review our product pricing to ensure that we offer a fair deal to everyone.
Mortgage rates have continued to fall over the last few months. We must remain competitive on mortgages with the income we receive from borrowers being the means by which we pay interest to savers. As a result, we’ve made the difficult decision to reduce selected savings rates – something many other providers have already done and continue to do.
We have a strong record of treating savers fairly and paying the best rates we can afford. In 2017, we paid an average savings rate of 1.49% compared to a market average of 0.63%¹. We were also one of few providers to increase rates on all of our variable savings accounts by 0.25% on 1 December 2017.
Savers are extremely important to us and we are committed to providing long term value to all of our members. We are confident that even after this reduction, the rate of interest on your account will continue to compare well with similar accounts currently available elsewhere. Please note, your account is no longer available for new customers. Our comparison tool allows you to compare the accounts we currently have available with others in the market.
¹The Society’s average month end savings rate (Society mix of products) compared to the Bank of England weighted average rate for household interest-bearing deposits (market mix of products).