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Bank of England Base Rate change 22 June 2023

Written by Suffolk Building Society

5 Jul 2023


Bank of England

4 min read

On 22 June 2023, the Bank of England increased the Base Rate by 0.50 percentage points to 5.00%. We are implementing rate changes across both our variable rate savings products and variable rate mortgages.


We will increase the interest paid on all our variable rate savings accounts, on a product-by-product basis , effective 12 July 2023.

We will communicate the updated variable savings interest rates on this website and in branches the week commencing 10 July 2023.

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


We will increase our Standard Variable Rate (SVR) by 0.50 percentage points to 8.69%, effective from 1 August 2023.

Existing borrowers with a discount rate, or those paying our SVR, will see their interest rate change in line with the increase in SVR from 1 August 2023.

Existing Base Rate tracker mortgage account holders will have the 0.50 percentage points increase applied from 1 August 2023.

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 on our website here.

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 our newsletter on our website.

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