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The Bank of England Bank Rate is the official Bank Rate set by the Bank of England which can affect 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 Rate has been consistently low for a number of years. However as the UK economy improves, the Bank of England is likely to increase the official Bank Rate.
Changes in the Bank Rate could affect payments on any accounts you may hold with us, such as loans, overdrafts, commercial mortgages or deposits.
Use our Rate change calculator to work out how a change in Bank Rate could affect your loan repayments.
View our rates for Corporate customers.
Current Interest RatesView applicable interest rates for current and deposit accounts (PDF)
*other criteria may apply
Overdraft - Variable rate of interest Business Loan - Interest Interest only or repayment
The interest rate on a Direct Business Cheque Account, Business Account or Business Current Account overdraft is negotiable if arranged and is linked to Bank of England Base Rate. If it is not prearranged, the rate is 23%.
Find out more about an Overdraft
These interest rates only apply to tracker overdraft products. If you would like more information about our rates and pricing please speak to our business management team.
Tracker overdraft product
% per annum
These rates are effective as of 25/08/2016.
The unauthorised interest rate has been effective from 01/08/2005.
Interest rates will fluctuate in line with the Bank of England Bank Rate.
*The unauthorised borrowing interest rate is not linked to the Bank of England Bank Rate and can be changed by the bank at any time. In accordance to account terms and conditions, notice will be provided for changes to the unauthorised borrowing interest rate.
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Interest rates can be fixed at the outset so they remain constant throughout the period of the loan. Alternatively, you can have a Fluctuating Rate Loan where changes in the Bank of England Base Rate affect the rate on the loan. Other options are available which we will be happy to discuss with you.
Find out more about a Business Loan (£0m - £1m turnover).Find out more about a Business Loan (£1m - £25m turnover).
You can have the traditional repayment system, where capital is paid back throughout the life of the loan. Or you can go for interest-only, although you will need to set up a parallel investment that can pay off the capital at the end of the loan period.
The Annual Equivalent Rate (AER) represents the annual rate effectively received by the customer if interest at the gross rate applied during a year remained in the account and itself earned interest. As every advert for a savings product where a rate is displayed will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
Gross - the rate of interest paid without deduction of tax to eligible non-taxpayers:
Current comparative interest rate information can be found on the British Bankers Association website. www.bba.org.uk.
*Where the interest rate applicable to the Product due to a fall in the Reference Interest rate falls below 0%, the Bank may change the rate so that it remains at 0% or above. The replacement rate will apply until the Reference Rate increases and the usual rate applicable to the Product at that time rises to or above 0% gain.
Use our Rate change calculator to work out how a change in Bank Rate could affect your loan or mortgage repayments.
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Bank of Scotland plc Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 169628.
We subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
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