Reliance Bank base rate increases
Reliance Bank base rate currently 1.75% will increase to 2.25% on Saturday 1st October 2022.
Who is affected?
Business and Charity Loans and overdraft customers
Following the recent Bank of England (BoE) base rate increases we increased the Reliance Bank base rate from 0.85% to 1% effective on 1st April 2022 (an increase of 0.15%) and then it increased to 1.15% on 3rd May 2022 (an increase of 0.15%). The Reliance Bank base rate increased to 1.30% on Wednesday 1st June 2022. The Reliance Bank base rate became 1.75% on 1st September 2022. The Reliance Bank base rate will become 2.25% effective from Saturday 1st October 2022.
The changes outlined above will result in an increase to the interest rate applicable to your business or charity loan and any overdrafts you may have. Your facility agreement sets out how your repayments will change.
The Sterling Base Rate of Reliance Bank is set by the bank from time to time taking account of the bank’s cost of funding. The rate does not automatically track the Bank of England Base Rate.