Bank of England Base Rate Change - Savings FAQs
What change has the Bank of England made?
The Bank of England have increased the base rate from 0.25% to 0.50%.
What is the Bank of England Base rate?
The Bank of England Base rate is the British Government's key interest rate for enacting monetary policy.
Why didn’t you warn me that the Bank of England Base Rate was going to increase?
The base rate is decided by the Bank of England, taking many market factors into consideration. Kent Reliance has no early insight into rate movements. We will only be aware of the rate change at the same time as the rest of the population.
When will the Kent Reliance rate change occur?
If you have a tracker product, any rate change will take place on the first of the month following a Bank of England rate change announcement. If you do not currently hold a tracker product, the rate change will be effective on your account from 1 December 2017.
Why is my rate increase not in line with the Bank of England base rate increase?
Tracker products are the only products that are contractually linked to the Bank of England base rate. If you do not hold a tracker product, your rate is not contractually linked to any movement of the base rate. Any movement on your rate will be in line with the savings market and economic conditions.
How do I find out what my new rate is?
You can find all of our rates on our website www.kentreliance.co.uk
, by logging in to your online services after the effective date, by visiting your local branch, or by calling 0345 122 1122.
How long will my account stay at this rate?
Savings rates can be altered at any time; however, in the event of a rate decrease, we will notify you in writing 14 days before the change will take effect.
Has there been any other changes made to my account terms and conditions?
Your account terms and conditions remain the same. We will always give you at least 30 day notice before we make any changes to your terms and conditions.
Can I exit my fixed rate product if better fixed rate products are now available?
If you are within your 14 day cooling off period, you are able to move your money as you see fit. If you are outside of your 14 day cooling off period, then unfortunately you will not be able to transfer your funds without a penalty until the end of your term.
Why did you not write to let me know my rate had increased?
When a change in interest rate is to your advantage we may make the change without notifying you. Your new rate can be found on our website www.kentreliance.co.uk
, logging on to online services after the effective date, visiting your local branch, or by calling 0345 122 1122