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What change has the Bank of England made?

On Wednesday 11 March 2020, the Bank of England reduced the base rate from 0.75% to 0.25%.

On Thursday 19 March 2020, the Bank of England reduced the base rate further, taking it from 0.25% to 0.10%.

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 decrease?

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.

Will the rate on my account be decreased?

Tracker products are the only products that are linked to the Bank of England base rate. The rate on this account will be decreased on first working day of the following month after the announcement. This will be on 1 April 2020.

If you do not hold a tracker product, your rate is not linked to any movement of the base rate.

Any movement on your rate will be decreased 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.

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

Your account terms and conditions remain the same.

You will have at least 30 day from the date of notification of the reduction to close your account without charge or providing notice if you rate is decreased.

Why have rates reduced outside of the Bank of England MPC meeting?

The Bank of England has announced an emergency cut in interest rates to support the economy amid the coronavirus outbreak. We have no prior knowledge as to when the Bank of England will cut rates.