Interest Rate Changes Effective from 1 March 2022

21 Feb 2022
Written by: Scottish Building Society

On 3 February 2022, the Bank of England increased the Base Rate from 0.25% to 0.5%. This means the interest rates on some of our savings and mortgage products will change with effect from 1 March 2022. 

Savings rate changes

We’ve reviewed our variable rate savings products and the interest rates on some of our savings accounts will increase from 1 March 2022.

See our savings rates effective from 1 March 2022

Mortgage rate changes

Whilst we didn’t pass on any increase to our Mortgage Standard Variable Rate (SVR) when the Base Rate changed in December 2021, the impact of the latest rise will see our SVR increase by 0.25% from 4.94% to 5.19% as of 1 March 2022.

If you have a variable rate mortgage with us, we'll write to you soon to let you know what the rate change means for you.

If you want to review your mortgage or are worried about the impact of the increase

If you have any concerns about your new payment or you just want to consider other options available, we offer a range of products and our Mortgage Advisers will be happy to discuss them with you. You can call us on 0333 207 4007 or you can visit your local branch.

Our phone lines are open 9-5 Mon to Fri (10-5 Wed). Calls may be recorded and/or monitored.

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