Bank Rate information
What is the Bank of England Bank Rate?
The Bank Rate is the interest rate set by the Bank of England and is also known as the ‘official Bank Rate’. It affects the interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The Bank of England can increase or decrease the Bank Rate. The current rate can be found on the Bank of England website.
Use our "Rate change calculator" to work out how a change in Bank Rate could affect your loan or mortgage repayments.
Rate Change Calculator
How will a change in the Bank of England Bank Rate affect me?
If the Bank of England changes the Bank Rate, your interest will increase or decrease in line with this change. The change to your rate will be effective from the day of the Bank of England announcement.
How will I know when the Bank of England Bank Rate is changing?
Any change in the Bank Rate will be widely communicated in the media and will also be announced on the Bank of England website.
Your next statement, following the Bank of England announcement, will show when your interest rate has changed.
How often can the Bank Rate change?
The Bank Rate is reviewed monthly by the Bank of England, and often stays at the same level. In special circumstances it can make emergency changes at any time.