Search
Search
Overlay

Savings Interest Rates Changes

Pick from the drop-downs below to see the rates for each product

Balance

£1 – £1,000
£1,001 – £5,000
Over £5,000

Until 31 July 2022

3.25% / 3.30%
0.30%
0.10%

From 1 August 2022

3.25% / 3.30%
0.30%
0.20%
Interest Gross/AER p.a. (variable) is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day. 

Balance

£1+

Until 31 July 2022

0.10%

From 1 August 2022

0.20%
Interest is calculated daily and paid into your account on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

Balance

£1 -£24,999
£25,000 - £49,999
£50,000+

Until 31 July 2022

0.10%
0.10%
0.20%

From 1 August 2022

0.20%
0.30%
0.30%
Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance. Interest is calculated daily and paid into your account on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

Balance

£1 -£25,000
£25,001 - £1,000,000
Over £1,000,000

Until 31 July 2022

0.10%
0.15%
0.10%

From 1 August 2022

0.20%
0.30%
0.20%
Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance. If, for example, you hold £150,000 in your account, your interest rate will be 0.15% AER/Gross p.a. (variable) on your entire account balance. Interest is calculated daily and paid on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

Balance

£1+

Until 31 July 2022

0.45%

From 1 August 2022

0.55%
Interest is calculated daily and paid quarterly on the first business day in January, April, July and October and at account closure. You’ll be able to see and access the interest in your account on the following day.

Balance

£1 - £10,000
Over £10,000

Until 31 July 2022

0.30%
0.10%

From 1 August 2022

0.30%
0.20%
Earn 0.30% interest on your first £10,000. And 0.20% on any amount over £10,000 in your account. Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.

Balance

£1 - £24,999
£25,000 - £999,999
£1,000,000+

Until 31 July 2022

0.10%
0.20%
0.25%

From 1 August 2022

0.20%
0.20%
0.25%
You will only start to receive interest on any money in your First Reserve account when your offset savings (and any offset current account) balance is more than your Offset Flexible Mortgage balance. Any interest payable will be calculated daily and paid monthly. If you remove your First Reserve account from the Offset arrangement interest will be calculated daily and paid quarterly on the first business day in January, April, July and October and at account closure. You’ll be able to see and access the interest in your account on the following day.

Balance

£1+

Until 31 July 2022

0.10%

From 1 August 2022

0.20%
Interest is calculated daily and paid on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

Definitions

Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Tax-free interest means interest payable is exempt from income tax.
Gross Rate. This means the interest rate you are paid without the deduction of income tax.
p.a. Per annum (per year)

Something else we can help you with?