On 2 February 2023, the Bank of England increased the Base Rate by 0.50 percentage points to 4.00%. When we respond to Base Rate changes, we consider the potential impact on both mortgage borrowers and savings members.
Therefore, we have decided to make some changes to our product range from 1 March 2023.
Mortgages
Our Standard Variable Rate (SVR) will not change on 1 March 2023.
Base Rate Tracker mortgage payments will increase by 0.50 percentage points from 1 March 2023. We have written to members impacted by this individually.
Borrowers on a fixed rate, Standard Variable Rate or discounted product will see no change in current repayments.
Refreshed savings products
We have reviewed our savings portfolio to ensure it remains competitive. We will be increasing the rates on three of our variable rate savings products. These changes are effective 1 March 2023.
Suffolk Savvy Saver (All issues)
Rates from 1 March 2023
- If you have a balance between £1,000 – £19,999, you will receive 2.85% Gross*/AER** from 1 March 2023 (you were receiving 2.70% to 28 February 2023).
- If you have a balance between £20,000 – £49,999, you will receive 3.00% Gross/AER from 1 March 2023 (you were receiving 2.85% to 28 February 2023).
- If you have a balance between £50,000 – £250,000, you will receive 3.15% Gross/AER from 1 March 2023 (you were receiving 3.00% to 28 February 2023).
One penalty free withdrawal each year or on closure of your account. Subsequent withdrawals or closure are subject to 90 days’ notice or 90 days’ interest penalty. This means that you can access your funds instantly where you accept the penalty. Save between £1,000 and £250,000.
120 Day Notice Account
Rates from 1 March 2023
You will receive 3.40% Gross/AER from 1 March 2023 (you were receiving 3.15% to 28 February 2023).
Withdrawals are subject to 120 days’ notice or 120 days’ interest penalty. This means that you can access your funds instantly where you accept the penalty. Save between £1,000 and £250,000.
County Saver (discontinued; existing account holders only)
Rates from 1 March 2023
- If you have a balance between £1,000 – £24,999, you will receive 2.90% Gross/AER from 1 March 2023 (you were receiving 2.70% to 28 February 2023).
- If you have a balance between £25,000 – £74,999, you will receive 3.05% Gross/AER from 1 March 2023 (you were receiving 2.85% to 28 February 2023).
- If you have a balance between £75,000 – £250,000, you will receive 3.20% Gross/AER from 1 March 2023 (you were receiving 3.00% to 28 February 2023).
Withdrawals are subject to 90 days’ notice or 90 days’ interest penalty. This means that you can access your funds instantly where you accept the penalty. Save between £1,000 and £250,000.
Gross*
The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.
AER (Annual Equivalent Rate)**
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.
Mortgage payment difficulties.
If you have a mortgage with us, and are concerned about meeting your repayments, please get in touch with us as soon as you can. You can call our dedicated team on 01473 278510 or email [email protected]. We’ll work with you to help find a solution. The earlier we know, the better we can help. You can also find details of what support we may be able to offer by visiting this page: Problems Paying Your Mortgage.
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.
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