Bank of England Base Rate Changes 2 February and 23 March 2023

Written by Wendy Quantrill

13 Apr 2023

Tags

Bank of England, Interest rates

5 min read

The Bank of England’s Base Rate increased by 0.50 percentage points on 2 February 2023 and by a further 0.25 percentage points on 23 March 2023, resulting in a combined increase of 0.75 percentage points.

We will now be implementing rate changes across both our variable rate savings products and variable rate mortgages to reflect these changes and subsequent market movement.

Savings

We will increase the interest paid on all our variable rate savings accounts. Variable savings rates will increase on a product-by-product basis. These increases will be effective from 24 April 2023.

Members with an existing fixed rate savings product will not have any changes applied.

Use the links below to view rates for main range accounts and closed issue accounts.

Mortgages

As we announced on the website on 6 April 2023, we will increase our Standard Variable Rate (SVR) by 0.50 percentage points to 7.94%, effective from 1 May 2023.

Base Rate Tracker mortgages will increase by 0.25 percentage points from 1 May 2023, in line with the March 2023 Bank of England Base Rate increase.

We will write to members impacted by this individually.

Borrowers currently on a fixed rate product will see no change in current repayments.

Mortgage Payment Difficulties

We’re here to help. If you have a mortgage with us and are concerned about keeping up with mortgage payments, please contact us as soon as you can.

You’re not alone; thousands of mortgage borrowers get help from their lender every year. Talking to us about this will not affect your credit score. We will support you based on your needs and what you can afford to pay.

Call our dedicated team on 01473 278510 or email [email protected]

You’ll find more about the support we may be able to offer www.suffolkbuildingsociety.co.uk/mortgage-payment-difficulties

Get in touch

If you can’t find what you’re looking for, or would prefer to talk to us, we’re here! Simply get in touch with your local branch, email us at [email protected] or call us on 0330 123 0723.

Want to receive updates like this from us by email?

If you would like to receive updates about your membership and savings account/s by email, you can sign up to receive our newsletter on our website.

Found this useful? Why not share

Keep informed and get involved.

Keep Informed

Sign up to our newsletter.

Our blog contains the latest goings-on and updates across the Society and you can follow us on Facebook, Twitter, LinkedIn or Instagram. Exclusively for our members we offer a monthly email round-up of must have stories and latest news, so sign up today.










    KEEP UP TO DATE

    Latest news and information

    Our blog contains the latest goings-on and updates across the Society and for members we offer a monthly roundup of must-have stories and latest news in our Freehold Post email newsletter.

    For announcements, alerts or tips follow us on Facebook, Twitter, LinkedIn or Instagram – we’re (almost) everywhere!

    Your browser is out-of-date.

    Welcome to our new website. This site is not fully supported in Internet Explorer.
    Please download one of the browsers below to continue using this website.

    • Google Chrome
    • Microsoft Edge