Yorkshire Building Society responds to Bank Rate announcement
2 November 2017
Bank rate change: On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effect from 0.25% to 0.50%. Find out more
The Yorkshire Building Society Group has today announced it will add the full Bank Rate increase of 0.25% to all variable rate savings accounts.
Meanwhile borrowers on a Yorkshire, Chelsea or Norwich & Peterborough standard variable rate (SVR) mortgage will see their interest rate increase by 0.25% to 4.99%. Other tracker mortgage products will also increase by 0.25%.
However the Group is reducing its Accord Mortgages SVR from 5.34% to 4.99% meaning borrowers on its SVR will see a reduction in their monthly repayments.
Mike Regnier, Chief Executive at Yorkshire Building Society, said:
It has been a tough few years for savers so we’re delighted to be able to pass on the full Bank Rate increase.
With no external shareholders to satisfy we have protected savers as far as possible during the extended period of a record low Bank Rate. Our decision today to pass on the full increase to variable rate account holders reflects our mutual ethos of putting our members first.
Accord Mortgages customers on the standard variable rate will see their rate fall to 4.99% as we align our SVRs across the Group. It is satisfying that our robust financial position allows us to reduce repayments for some of our borrowers as well as helping savers.
All of the changes will come into force in December, except N&P tracker mortgages which will adjust on 30 November.
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