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Base Rate Change 15th December 2022

Written by Suffolk Building Society

3 Jan 2023


Bank of England, Mortgages, Savings

3 min read

Following the Bank of England’s decision to increase the Base Rate by 0.50 percentage points to 3.50% on 15th December 2022, we are implementing rate changes across both our variable rate savings products and variable rate mortgages.


The Society will increase the interest paid on 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 7.44%, effective from 1st February 2023.

Existing Base Rate tracker mortgage account holders will have the 0.50 percentage point increase applied from 1st February 2023.

Existing mortgage holders affected by the rate change will be written to individually.

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

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, either by calling our dedicated team on 01473 278 510 or emailing [email protected]. We’ll work with you to help find a solution and 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.

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.

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