Decrease in the Bank Rate December 2025

We know you’ve probably got some questions about what this could mean for you, so we’ve put together this guide to help with any queries.

Savings customers

For savers with accounts that track Bank Rate

Rates of interest will decrease by 0.25% in line with product specific terms and conditions. These changes will take effect from Monday 29 December 2025.

For savers with a variable rate savings account

We’re currently reviewing our variable savings rates, and we’ll write to you to let you know if your rate changes and your account balance is £100 or more.

For savers with a fixed rate savings account

The changes only affect variable rates. There are no changes to fixed rate accounts.

Mortgage customers

For borrowers with a tracker mortgage

The rate of interest you pay will decrease by 0.25% in line with Bank Rate as part of your terms and conditions. The rate will reduce on Sunday 1 February 2026 and we’ll write to you to confirm your new mortgage rate and how much your monthly payment will be.

For borrowers on the Society's Standard Variable Rate

Our Standard Variable Rate (SVR) is the rate applied when your mortgage with us comes to the end of its product offer period and you haven’t chosen another product to switch your mortgage to. Your mortgage will go to SVR with a potential reduction applied depending on your Loan to Value (LTV). This means that any increase in the value of your home or any reductions you make to your mortgage balance, which reduces your LTV, you may benefit from a lower variable interest rate.

We continue to keep all tiers of our SVR products under review, and we’ll write to you to let you know if we make any changes. All mortgage borrowers on SVR can switch to a new product with us through the switching process if they want.

For borrowers with a fixed rate mortgage

If you have a fixed rate mortgage, your payments won't change until your fixed rate ends.