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

Written by Wendy Quantrill

6 Apr 2023


Bank of England, Interest rates

4 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.


The Society will increase the interest paid on all our variable rate savings accounts on a product-by-product basis. We will communicate the updated variable savings rates in branches, and on our website, as soon as possible later this month.

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


The Society will increase its 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

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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