Bank of England Base Rate Change - Savings FAQs

What change has the Bank of England made?

The Bank of England has decreased the base rate from 5.25% to 5.00%.

What is the Bank of England Base rate?

The Bank of England Base rate is the British Government's key interest rate and is used to charge other banks and lenders when they borrow money. It is important because it influences many other interest rates in the market, including the savings rates offered by banks and building societies to their customers.

When will the Kent Reliance rate change occur?

If you have a tracker product or an impacted variable product (excluding notice), the rate change will be effective on your account from Friday 20 September 2024. If you have a fixed rate product, your rate won’t change.

The rate change for notice products will be effective from 19 November 2024.

Why is my rate change not in line with the Bank of England base rate change?

Tracker products are the only products that are contractually linked to the Bank of England base rate. If you don’t hold a tracker product, your rate isn’t contractually linked to any movement of the base rate. Any movement on your rate has been considered in line with the current savings market and economic conditions.

Why didn’t you warn me that the Bank of England Base Rate was going to change?

The base rate is decided by the Bank of England, taking many market factors into consideration. Kent Reliance has no early insight into rate movements. We’ll only be aware of the rate change at the same time as the rest of the population.

How do I find out what my new rate is?

You can find all of our rates on our website. If you are registered for online services, you can login after the effective date to see the interest rates applicable to your account(s). Alternatively, you can visit your local branch or by call us on 0345 122 1122.

How long will my account stay at this rate?

Savings rates can be altered at any time. We can change our interest rates for the reasons set out in Condition 28 of our Savings General Terms and Conditions. Please refer to your product specific terms and conditions for further details of your interest rate.

Why didn’t you write to let me know my rate had changed?

When a change in interest rate is to your advantage, we may make the change without notifying you. When the change is for a decrease to your interest rate, we will notify you in accordance with Condition 28 of the Savings General Terms and Conditions. Your new rate can be found on our website, by logging on to online services after the effective date, visiting your local branch or by calling 0345 122 1122.

Has there been any other changes made to my product specific terms and conditions?

No, your product specific terms and conditions remain the same. Please refer to Condition 28 of the Savings General Terms and Conditions for further information on when and how we will notify you if we make changes to your account(s) with us.

Can I withdraw money without providing notice if I have got a Notice account?

No, if you wish to withdraw or close your account, you must provide us with the notice applicable to your account in accordance with your product specific terms and conditions. For further information on how and if you can withdraw your money, please see ‘Can I withdraw money’ section in your product specific terms and conditions.