Bank of England Base Rate Change

On Thursday 19 March 2020 the Bank of England base rate decreased from 0.25% to 0.10%.

As a result of this, we’re reviewing our interest rates.

Interest Rate Finder

If you have a loan, overdraft, commercial mortgage or finance product read more here.

If you have a deposit or banking product read more here.

Loans, Overdrafts, Commercial Mortgages and Finance

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 0.15%, in accordance with the terms of the agreement. This change will be effective from 19 March 2020.

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 0.15% from 19 March 2020.

Asset Finance

If you have a Hire Purchase or Finance Lease agreement with Santander Asset Finance and the interest rate is linked to the Bank of England base rate, then the interest rate will decrease by 0.15%. This change will be effective from the 19 March 2020.

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 0.15%, in accordance with the terms of the agreement. This change will be effective from 19 March 2020.

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 0.15%. This change will be effective from 1 April 2020.

Unarranged Overdrafts

Our Unarranged Overdraft interest rate is linked to the Bank of England base rate so will decrease by 0.15%. This change will be effective from 1 April 2020.

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.

SCCB Banking and Deposit Products

Bank of England base rate change:

We’re reviewing our interest rates and we will notify you of any changes to your account.

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 0.15% from 1 April 2020 (up to a minimum payable rate of 0.00% for deposits).

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