Bank of England base rate change
On Thursday 1 August 2024 the Bank of England base rate decreased from 5.25% to 5.00%. As a result of this, we’re reviewing our interest rates.
Lending Products
Variable Rate Loans
If you have a variable rate loan that is linked to the Bank of England base rate then the interest rate will decrease by 0.25%, in accordance with the terms of your agreement. This change will be effective from 1 August 2024.
Invoice Finance
If you are an Invoice Finance customer of Santander UK plc and the Discount Rate applied under your sales finance agreement with us is linked to the Bank of England base rate for your GBP facility, then the Discount Rate (and resulting Discount Charge) you are charged will decrease by 0.25% from 1 August 2024.
Asset Finance
If you have a Variable Rate Hire Purchase or Variable Rate Finance Lease agreement with Santander and the interest rate is linked to the Bank of England base rate, then the interest rate will decrease by 0.25%. This change will be effective from the 1 August 2024.
Commercial Mortgages
If you have a variable rate Commercial Mortgage that is linked to the Bank of England base rate, and your facility agreement does not include a Minimum Lending Rate (MLR), then the interest rate will decrease by 0.25%, in accordance with the terms of the agreement. This change will be effective from 1 August 2024.
If your Commercial Mortgage facility agreement does have a Minimum Lending Rate, your interest rate will decrease if the Bank of England base rate plus the agreed Margin exceeds the Minimum Lending Rate.
GBP Overdrafts (including Commercial Notional Pooling & GBP accounts in Cross Currency Overdraft structures)
Arranged Overdrafts
Our Arranged Overdraft interest rate is linked to the Bank of England base rate, so will decrease by 0.25%. This change will be effective from 1 September 2024.
For all products
Please note that the information provided is based on our standard Terms and Conditions. Your individual facility letter or agreement may differ and therefore we recommend that you refer to these documents and the Terms and Conditions which were issued with it. If you have any questions, please contact your relationship team.
CCB Banking and Deposit Products
Products linked to the Bank of England base rate
All savings and current accounts with interest rates linked to the Bank of England base rate will decrease by 0.25% from 1 September 2024.
Products not linked to the Bank of England base rate
All savings and current accounts with interest rates not linked to the Bank of England base rate are currently being reviewed and any changes will be communicated as per Terms and Conditions.