The base rate is set by the Bank of England and is the amount of interest it pays to all banks and building societies in the UK. Increasing or decreasing this rate helps to control inflation and influence overall borrowing in the economy.

As a result the base rate is a critical factor in how much banks and building societies charge the people and organisations who borrow money, and this influences how much interest can be paid to the people and organisations who save money.

It will depend on what type of account you have. Fixed rate accounts will not change because the interest rate is set at the start date of the term. Rates on variable rate accounts will be reviewed whenever the base rate changes. If the rate on your account increases, we will let you know within 30 days of the change. If the rate decreases, we will let you know at least 14 days before the date of the change. The current rates on all our products are available in our interest rates for savings accounts and interest rates for business accounts. 

Best buy tables on mainstream comparison websites often compare savings and other banking products on interest rates only, but don’t account for sustainability or ethical criteria.

Triodos Bank prioritises people and planet over profit maximisation and is committed to sustainable banking practices. This means we are different to a lot of other banks.  But we still care about providing high-quality products and services and know we must offer fair and competitive rates.  

Key to this is offering the best value to savers we can while ensuring our long-term stability so that we can help create the impact that our customers want in the real economy. This is about finding the right balance between the value we give to our borrowers – the sustainable organisations we support – and what we can give back to our customers who save with us.

Other banks’ savings accounts often feature time-limited offers or bonus rates, whereas we focus on providing an everyday, good value range of savings products that are simple and easy to understand. When our rates go up they increase on all our variable products not just some, so we don’t leave customers languishing on very low rates. And new customers do not get a better rate than existing customers on the same variable product.

Our savings rates are not directly linked to the Bank of England Base Rate, and it is just one of several factors we must take into consideration when deciding what they should be.  For example, the proportion of our lending that is fixed and doesn’t move with the base rate, and the overall balance between savings and loans are just some of the factors that then affect how much interest we pay savers.

We will always review our rates when the base rate changes and will pass on as much of any change as we can.  If the rate on your account increases, we will let you know within 30 days of the change.  If the rate decreases, we will let you know at least 14 days before the date of the change.

Our savings rates are not directly linked to the Bank of England Base Rate, and it is just one of a number of factors we must take into consideration when deciding what they should be.  We need to take some time to ensure that all factors are carefully considered and find the right balance between the value we give to our borrowers – the sustainable organisations we support – and what we can give back to our customers who save with us.

By striking a balance between the rates paid to savers and charged to borrowers we can create a banking environment that promotes stability, fosters positive change, and contributes to a better future for all. We are committed to offering the best interest rates we can afford and will always pass on as much of the Bank of England base rate change as quickly as we can.