The Bank of England Base Rate has been set at 0.25% since August 2016. It could potentially change in any month so the information here will help you understand how this would impact you. Whenever the rate does change we will notify all customers who are affected.
The Base Rate is used by banks and building societies to set their interest rates on their mortgage and savings products. Each month the Bank of England’s Monetary Policy 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.
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|
If the Base Rate does change we will let you know if you are affected and how much your payments will change by.
Most likely. We will let you know if you are affected and how much your payments will change by.
Yes. Products which track the Metro Bank’s Base Rate will rise and fall along with changes to the Bank of England’s Base Rate.
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 will not be affected.
This will depend on the terms of your account. We will let you know the date of any changes.