Bank of England Base Rate Change

Last updated: 13 May 2022

Mortgage customers

Following the 0.25% increase to the Bank of England Base Rate, we’re increasing our variable mortgage rates by 0.25%.

  • Customers with mortgages linked to the Bank of England Base Rate (BBR) will increase by 0.25% on 1 June 2022 for existing customers. From 10 May 2022 all new illustrations and mortgage offers (origination) will reflect the new BBR.
  • The Aldermore Managed Rate (AMR), the Bank’s standard variable mortgage rate, will increase from 5.23% to 5.48%  from 1 June 2022 for existing customers. From 10 May 2022 all new illustrations and mortgage offers (origination and product switch) will reflect the new AMR.

 

We’re writing to all customers affected by the announcement to let them know the changes to their account in line with their account terms and conditions.

Savings customers

Business Savings:

With effect from Friday 25 March 2022, we increased the rates on our variable rate savings products, as shown below:

  • All issues of the Easy Access Account increased to 0.75% AER*

 

With effect from Friday 13 May 2022, we made a further increase:

  • All issues of the Easy Access Account increased to 1.00% AER*

 

Personal Savings:

With effect from Friday 25 March 2022, we increased the rates on our variable rate savings products, as shown below:

  • All issues of the Easy Access Account increased to 0.85% AER*
  • All issues of the Double Access Account increased to 0.95% AER*
  • All issues of the 30 Day Notice Account increased to 0.90% AER*
  • All issues of the 45 Day Notice Account increased to 0.95% AER*
  • All issues of the 60 Day Notice Account increased to 0.95% AER*
  • All issues of the 90 Day Notice Account increased to 1.00% AER*
  • All issues of the 120 Day Notice Account increased to 1.20% AER*
  • All issues of the 30 Day Notice Cash ISA increased to 0.90% AER*
  • All issues of the 60 Day Notice Cash ISA increased to 0.95% AER*

 

With effect from Friday 29 April 2022, we made a further increase:

  • All issues of the Double Access Account increased to 1.25%
  • All issues of the 120 Day Notice Account increased to 1.30%

 

We’ll notify all affected customers individually within 30 days of the changes.

*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.