We have reduced the interest rates on our Sterling and US Dollar variable accounts.
On 11 March 2020, the Bank of England announced an emergency cut in the base rate, from 0.75% to 0.25%, to help shore up the economy amid the coronavirus outbreak. In addition, the United States central bank has also recently lowered its interest rates from 1.75% to 1.25%.
We have written to all affected customers to let them know that we will be reducing interest rates on our variable Sterling and US Dollar accounts with effect from 20 March 2020. If your variable Sterling or US Dollar account(s) currently earns above 0.50% gross/AER then we will be reducing the interest rate by 0.50%, but if your account(s) currently earns 0.50% gross/AER, or less, then your interest rate will reduce to 0% gross/AER. Please note that Fixed Deposit Contracts are not affected as the interest rate is fixed and will not change during the term of the account.
Click here for the new interest rates