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Changes to Variable Rate Savings Accounts and Mortgages Effective 1 June 2023

Written by Suffolk Building Society

25 May 2023


Bank of England

5 min read

Following the Bank of England’s decision to increase the Base Rate by 0.25 percentage points to 4.50% on 11 May 2023, we announced on 12 May 2023 that we will be increasing our Standard Variable Rate (SVR) by 0.25 percentage points from 1 June 2023.


We will increase the interest paid on all our variable rate savings accounts on a product-by-product basis. These increases will be effective from 1 June 2023.

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

Use the links below to view variable rate savings rates.


We will increase our Standard Variable Rate (SVR) by 0.25 percentage points to 8.19% effective 1 June 2023.

Existing Base Rate tracker mortgage account holders will have the 0.25 percentage points increase applied from 1 June 2023, in line with their terms and conditions.

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 June 2023.

Existing mortgage holders affected by the SVR or Bank Base Rate increase will be written to individually.

Borrowers currently on a fixed rate product will see no change to 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.

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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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