Following yesterday’s decision by the Bank of England to increase its base rate to 0.75%, Skipton Building Society has announced it will not pass on the increase to its customers on Standard Variable Rate (SVR)/Mortgage Variable Rate (MVR) and will be making rate increases on the majority of its variable savings products.
As a result of the increases, all of Skipton’s variable savings accounts will pay 0.50% or higher.
These changes will take effect on the 31st March and full details of the increases by individual savings products will be published on Skipton’s website by 25th March.
Ian Cornelius, Skipton’s commercial director, said: “With households facing the highest inflation rate for many years and customers facing soaring energy bills, it’s our duty to help our customers during these challenging times.
“That is why we have taken the decision to hold our MVR/SVR rates at current levels – we believe it’s the right thing to do for our borrowers.
“For our savers we’re raising rates across a number of our accounts which means all of our variable savings rates will be paying 0.50% or above.”
The rates on savings accounts with rates directly linked to the base rate will increase in line with our terms and conditions no later than 14 days from today’s announcement.
Fixed rate savings accounts are unaffected, and the rate will stay the same until the end of the fixed term.
Rates on base rate tracker mortgages will increase in line with our terms and conditions. If the product has a ‘rate cap’, the rate won’t go above this level.
