The Bank of England Base Rate (also known as Bank Rate) is the interest rate set by the Bank of England.
The Monetary Policy Committee of the Bank of England meets around eight times a year to set the Bank Rate; their decision’s based on a number of factors, including economic conditions.
The Bank Rate has a direct impact on interest rates generally.
If you'd like to know more about the Bank Rate, go to the Bank of England website.
The Bank of England Bank Rate can go up or down or stay the same. How it moves will depend on the decision of the Monetary Policy Committee of the Bank of England and their view of a number of factors, including economic conditions. There’s a direct link between your interest rate and the Bank Rate. So the interest rate you pay moves in line with any changes to Bank Rate. You will always see the change on the next statement you get following any change.
The Bank of England controls how much the Base Rate goes up or down. There’s a direct link between your interest rate and the Base Rate. You’ll always see the change on the next statement you get following the change, and you have the option to close your account. The only exception to this is that if the Bank of England Base Rate falls below 0%, your rate will be floored at 0%.
If the Bank of England Base Rate changes, it will be on your statement following the change. You’ll get a statement every month if you have spent on your Bip account or if there is a change to your balance.
There’s a direct link between your interest rate and the Bank of England Base Rate so that the interest rates you pay will always move in line with any changes to the Bank Rate. We will let you know your new rate on the next statement you get following any change. The only exception to this is that if the Bank of England Base Rate falls below 0%, your rate will be floored at 0%.
There can be changes made to your interest rate for other reasons than a Bank of England Base Rate change. Changes in your interest rate (which can increase or decrease) can be, for example, because there has been a change in your circumstances. Other reasons are set out in your credit card agreement, which you can find in your Bip app inbox.
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