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Help and support What is the Bank of England Base Rate and how might it impact you?

What is the Bank of England Base Rate and how might it impact you?

The Bank of England Base Rate has been set at 4.75%.

It could potentially change so the information here will help you understand how this would impact you. Whenever the rate changes we will update information on our website and in stores.  We will let you know if your rate changes.

The Base Rate is used by banks and building societies to set their interest rates on their mortgage and savings products. The Bank of England’s Monetary Committee decide whether this rate should be changed. If it does change this can affect the interest rate you pay on your mortgage or receive on your savings.

How does this affect me?

Metro Bank offer a number of variable rate mortgages, loans and savings products. This means that if the Base Rate is changed the interest rate you pay or receive may go up or down. The table outlines the possible scenarios.

Tracker accounts Variable Rate Account (inc. mortgages on a Standard Variable Rate) Fixed Rate Account
Your rate will go up or down with the Base Rate changes Your rate is influenced by Base Rate and will most likely be affected by a change Your rate will not change for the remainder of the term

How will I know about any changes?

We will let you know if any borrowing rates change and how this affects your payments.  If your savings rate increases, we will update information on our website and in stores.

Additional Bank of England Base Rate FAQS

I’m on a Standard Variable Rate Mortgage, will this be affected?

Most likely. We will let you know if you are affected and how much your payments will change by.

Will my savings be affected?

It depends. If you have savings in a variable rate account then the interest you receive will be affected by a change to the Bank of England Base Rate. Any fixed rate savings accounts may not be affected.

If the Bank of England Base Rate changes then when will my rate change?

This will depend on the terms of your account. We will let you know the date of any changes. 

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