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Birmingham Midshires rate changes from the 1st December 2017

01 December 2017

How will the change to the Base Rate affect my savings account?

The Base Rate is set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. The Base Rate is reviewed regularly and can be increased or decreased by the Bank of England at any time.

What does it mean for my savings account?

The Bank of England Base Rate is one of a number of factors we take into account when reviewing interest rates. Any change in the Base Rate will form part of ongoing rate reviews across our savings product range.

How will I know if the interest rate of my account is affected?

If you have a savings account which:

  • tracks the Bank Rate, your rate will change on 1st December 2017.
  • has a fixed rate of interest, your account will not be affected by this change.
  • has a variable rate of interest. Please see the attached document to see if the rate on your account has changed.

If you are unsure which type of account you hold, please refer to your account conditions.

Other ways of checking your savings interest rate

You can view all rates for accounts we offer on our interest rate pages or by signing into online banking and selecting your account.

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FSCS – protecting your money. Find out more here.

Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

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© Birmingham Midshires
This site is intended for UK residents unless otherwise stated.
Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.
To contact the FCA Consumer helpline, please ring 0800 111 6768. Alternatively call the Money Advice Service on 0300 500 5000 or visit www.moneyadviceservice.org.uk.