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Understanding the Base Rate
How the Base Rate affects your savings can seem complex. We're here to help break down the facts.
The recent announcement
On 7 November 2024, the Bank of England announced a decrease in the Bank of England Base Rate from 5.00% to 4.75%.
What is the Base Rate?
The Base Rate, or Bank Rate, impacts interest rates from banks and other financial institutions. The Bank of England sets it, regularly reviews it, and can increase or decrease it at any time.
How can a Base Rate change affect your account?
We consider the Base Rate among other factors when we decide on the interest rates for our savings accounts.
Whether a Base Rate change affects your interest rate depends on if you have a fixed or variable account. If you’re unsure what type of account you have, you can check this in the terms and conditions.
What will happen if the Bank of England Base Rate falls to 0% or below?
If the Bank of England announces a rate of 0% or below, we’ll keep our rates under review.
Accounts with a fixed rate
Your account won't be affected.
Accounts with a variable rate
Your interest rate could change.
Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we’ll write to you to let you know. We won’t write to you if we increase your rate.
How to check what your interest rate is
It's good to know you can check on your account anytime with our online services.
To view your current interest rate, simply log on to Internet Banking or use the mobile or iPad app.
If you don’t use these services, you can use our PDFs to find your interest rate.
Important legal information
Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Save the Change® is a registered trademark of Lloyds Bank plc.