Notices

Savings customers - the interest rates on many of our variable rate savings products will be decreasing from 6 January 2025. Find out more

We will be emailing or writing to you shortly to let you know of how these decreases affect you. In the meantime, you can see all of these changes here.
Mortgage customers - our Managed Mortgage Rate (MMR) will decrease by 0.25% from 20 January 2025. Find out more:

From 20 January 2025, we'll be decreasing our Managed Mortgage Rates (MMR) by 0.25%. All on-sale discounted variable product rates and other details, including representative examples displayed on our website, have been updated to reflect these lower rates.
We will be writing to existing customers who have been impacted by this change, shortly, with details relevant to them.
View our Christmas opening hours here. For information on bank transfer processing times over the Christmas period please click here.
Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 4.75% on 7 November 2024. Find out more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 December 2024. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 December 2024 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.
(Notice updated 08/11)

How our Market Tracker Saver accounts work

How we review and set the interest rate paid on our Market Tracker accounts.

Our easy access Market Tracker Saver tracks interest rates so you don't have to keep shopping around for a competitive rate.

How does the Market Tracker Saver work?

Four times a year we review the interest rate paid on the Market Tracker Saver account.
These reviews take place in March, June, September and December each year and the changes arising apply to the account from the first day of the following month. For example, the review outcome in September is applied to the account from 1 October.
Each review may lead to one of three outcomes for the following quarter:
- an increase in interest rate
- a reduction in interest rate
- no change.

When is the review undertaken?

The review is undertaken in the first five calendar days of the month and the review date and the result is published on our website no later than 15 calendar days before the end of the review month. Where an account holder has given us their email address, we will also send an email notification of the outcome of the quarterly reviews.

How is the interest rate calculated?

The interest rate paid on the Market Tracker Saver account is calculated using data from Moneyfacts® as supplied on the review date.
The interest rate paid is the average of the top 20 easy access accounts for an investment of £10,000 across the market from a list of firms we call our 'reference group'.
You can download a copy of our 'reference group' here.

'Reference group'

The terms of accounts included in our 'reference group' must meet the following criteria:

Interest rate: Unconditional and independently set. This means that the interest rate offered must not be linked to other rates or indices, such as Bank of England Bank Rate, or to groups of other savings products and with no part of the interest being a time limited additional interest rate, bonus rate or otherwise on conditional terms, for example not exceeding a set number of withdrawals.
No opening restrictions: Stand alone accounts only, by which we mean that the account terms must not require other accounts to be opened or other products purchased in order to qualify for the advertised interest rate.
Availability: Accounts must be available to individuals resident anywhere in the UK aged 25 years or older.
Withdrawals: Available immediately with no notice or penalty.
Account operation: Opened and operated by post or telephone or internet.
Affinity accounts: We exclude accounts which require membership of a third party organisation or which include a donation to such an organisation.
Duplication: We only include one account where a company or group of companies offers accounts on similar terms across more than one brand and / or distribution channel.

Please note:
The firms included in the reference group and / or the criteria for inclusion of accounts may be changed by us giving three calendar months advance notice to do so. Notification of such changes will be published alongside a quarterly review outcome on our website.

Unless we have made a clear calculation error then our determination of the interest rate at each review date will be binding upon account holders.