Rate increase - FAQs for savings customers

Bank of England Base Rate Change - Savings FAQs

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.

What change has the Bank of England made?

It has increased the base rate from 5.00% to 5.25%.

Will my rate change following the Bank of England Base rate change?

Tracker products are the only products that are linked to the Bank of England base rate. The rate on these accounts will change on the first day of the month following the announcement.

If you don’t hold a tracker product, your rate isn’t linked to any movement of the base rate.

Any movement on your rate will change in line with the market and economic conditions. If you hold a fixed product there will be no change to your rate during the term.

How do I find out what my current rate is?

You can find all of our rates on our website, by logging in to your online services, by visiting your local branch or by calling 0345 122 1122.

Why didn’t you warn me that the Bank of England Base Rate was going to change?

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.

Have there been any other changes to my account terms and conditions?

No, your account terms and conditions remain the same.