Savings rate change
On 19 June 2025 we'll be reducing the variable interest rates for savings accounts by 0.25%.
What does this mean for your savings?
This change will impact the interest you earn on your savings. The interest you earn will be reduced by 0.25%.
Use the table below to understand how it will reduce the interest you'll earn on your savings.
| Rate Reduction | £500 | £1,000 | £5,000 | £10,000 | £20,000 |
|---|---|---|---|---|---|
| 0.25% | £1.25 | £2.50 | £12.50 | £25.00 | £50.00 |
The interest calculated is based on the assumptions that one lump sum is invested, no withdrawals are made and interest is paid annually and Gross*/Tax-free†.
For example, if you have a balance of £5,000 in an Online Easy Access account, you would receive £12.50 less interest per year.
Do I need to give any notice to close my account or make a withdrawal?
To find out which of your accounts are changing, take a look at your letter or email you were sent. If you would like to make a withdrawal or close an account call us on 0330 333 4000.
Usually you would need to give us notice to make a withdrawal or close your account to avoid paying an interest penalty. However, as your rate is reducing you can close your account or make a withdrawal immediately, without penalty, up until 5 July 2025. After this date, the normal notice period for your account will apply.
Notice accounts
7 Day Notice
30 Day Direct
30 Day Notice
60 Day Direct
60 Day Notice
30 Day Notice Cash ISA
60 Day Notice Cash ISA
If you have one of these accounts you won't need to give us any notice before you make a withdrawal.
Everyday savings accounts
Instant Access
Branch Instant Access
Instant Access (ex-ISA)
Variable Rate Cash ISA
Children's Account
Dylan Young Saver
Easy Cash ISA
Easy Saver
Maturity e-Saver
Monthly Saver
Online Easy Access
Online Easy Access Cash ISA
Online ISA
Online Bonus ISA
Tiered Variable Rate ISA
Members Tiered Variable Rate ISA
As these accounts are limited access you would usually be permitted to make a limited number of withdrawals per year. However, as your rate is reducing, you can make one additional withdrawal or close your account up until 5 July 2025
Limited access accounts
Branch 5 Access Bonus Saver
Branch 5 Access Bonus Cash ISA
Branch 5 Access Saver
Branch 5 Access Cash ISA
1 Year Triple Access Regular Saver
Double Access Saver
Online Double Access
Learner Earner
First Home Steps
First Home Steps Online
Thank You Saver
Thank You Saver Online
NHS Thank You Saver
NHS Thank You Saver Online
School Staff Saver
Member Limited Access
Online Triple Access
Online Bonus Triple Access Saver
Home Team Saver
Maturity Limited Access
Maturity Limited Access Cash ISA
Triple Access
Triple Access Cash ISA
Dylan Advanced Saver
Gift Saver
Online Bonus 5 Access Cash ISA
Online 5 Access Cash ISA
Further information
If you’d like to discuss all of the savings options available to you, call us on 0330 333 4000 or send us a secure message via Your Account.
We do everything we can to protect the savings rates we offer, but as a mutual building society owned by our Members, we need to consider our mortgage customers too. On 8 May 2025, the Bank of England reduced the Bank rate to 4.25%, which has been passed onto our mortgage borrowers. As we pay our savers using the income we receive from our mortgage lending, when mortgage rates go down it naturally reduces the income we have available to pay our savers.
You would usually be permitted to make a limited number of withdrawals per year. However, as your rate is reducing, you can make one additional withdrawal or close your account up until 5 July 2025. If you want to make a single withdrawal from an online-only account for an amount of more than £20,000, you can do this by sending a secure message via Your Account.
We offer a range of savings accounts, it’s important to choose one that meets your needs. If you need help give us a call on 0330 333 4000 and we’ll be happy to help run through your options. Or view our savings accounts to find an account that's best for you.
View all savings accounts
Browse our complete range of savings accounts and ISAs.
^ Tax-free means UK Income Tax and Capital Gains Tax is not deducted from the interest you earn. This depends on your individual circumstances, and may change in future.
* Gross interest is the rate of interest before income tax is deducted at the rate set by law.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid once each year on the whole balance, including previous interest payments.