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About our interest rates
How rates are set
Our interest rates and Premium Bonds prize fund rate are set by HM Treasury
and may change from time to time.
Changes typically take into account:
• gilt prices, the Bank of England’s base rate, and other publicly-listed
market rates
• interest rates paid or charged by other financial institutions
• the government’s borrowing requirements
• our administration costs
• decisions by relevant ombudsmen
• regulatory requirements
• any codes of practice we subscribe to.
Remember that if inflation is higher than the account interest rate, it will reduce
the true value of the money in your account over time.
Changes to Premium Bonds prize fund rate
We will give advance notice of changes to the prize fund rate, prize draw
structure and odds by publishing adverts in a range of newspapers and by
updating our website.
Changes to variable interest rates
When our rates change, we’ll update our website and literature.
If the interest rate for your account goes down, we’ll contact you personally at
least 14 days before it takes effect. If you don’t agree to the new interest rate,
you will be able to close or transfer your account at any time before the
change. The new interest rate will apply if your account remains open.
We won’t contact you personally if the interest rate for your account goes up.
Changes to fixed interest rates
From time to time we will introduce new issues of fixed rate accounts with different
interest rates. We will not usually give advance notice of this.
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