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Ipswich Building Society announces change to its Standard Variable Rate

Added: 7 August 2018

Ipswich Building Society announces change to its Standard Variable Rate (SVR)

On Thursday 2 August 2018 the Bank of England took the decision to increase the Bank Base Rate to the highest level since 2009, by 0.25% to 0.75%. As a result from 1 September the Society’s SVR will increase from 5.49% to 5.74%.

Trevor Slater, Finance Director commented: “We operate a straightforward business model, balancing the money we take in from savers and that which we lend out to borrowers. Following the Bank of England’s announcement we are implementing the change to our SVR mortgage rate and will be reviewing our savings rates in order to balance the interests of our members."

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