On 1st August , the Bank of England announced that the base rate has decreased from 5.25% to 5.00%.

What this means for our customers

Mortgage customers: The rate on your existing variable rate mortgage will decrease by 25 basis points. This in accordance with our Terms & Conditions and is effective from 2nd August 2024. This reflects the Bank of England’s base rate of 5.00% which became effective on the 1st August 2024.

Savings customers: Our savings products are not linked to the Bank of England base rate. We currently offer a 35 day Business Savings Notice account at a rate of 4.10% AER variable, a 95 day Business Savings Notice account at a rate of 4.75% AER variable, a 1-year Business Savings Bond paying 5.20% AER fixed, Find out more about our savings products here.

AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.

If you have any queries, please contact us on 0330 053 6067 or email hello@redwoodbank.co.uk.