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Reliance Bank base rate increase by 0.10% to 0.85% from 1st March 2022

Following the Bank of England (BoE) base rate increase (on 16th December 2021) we are increasing the Reliance Bank base rate by 0.10% to 0.85% from 1st March 2022. As this is the first time rates have risen for some years we are giving existing customers who have facilities with us 60 days’ notice of this change to take effect from 1st March 2022.

Who is affected?
Personal Current Account customers using an overdraft facility:
From 1st March 2022 the authorised and unauthorised overdraft rate will become 10.85% APRC Annual Percentage Rate of Charge (following the Bank of England base rate increase).

Charity and Business Current Account customers using an overdraft facility:
Following the Bank of England (BoE) base rate increase (on 16th December 2021) we are increasing the Reliance Bank base rate by 0.10% to 0.85% from 1st March 2022. We are only passing on 0.10% of the full BoE base rate increase which is 0.15%.

Existing customers
As this is the first time rates have risen for some years we are giving existing customers who already have facilities with us 60 days’ notice of this change. So if you hold a variable rate overdraft facility with us, from 1st March 2022 your authorised and unauthorised overdraft facility rate will increase by 0.10% (following the Bank of England base rate increase). These increases will only apply if you utilise an authorised and unauthorised overdraft facility from 1st March 2022.

Business Loans customers:
Following the Bank of England base rate increase we are increasing Reliance Bank base rate by 0.10% to 0.85% from 1st March 2022.

Existing customers
As this is the first time rates have risen for some years we are giving existing customers who have facilities with us 60 days’ notice of this change to take effect from 1st March 2022.
So if you hold a variable rate loan with us the interest rate applicable to your business loan facility will be increasing by 0.10% from 1 March 2022.

Mortgage customers with Standard Variable Rate and Home Mortgage Variable Rates and those coming to the end of their existing deal:
These customers will receive an update notifying them of proposed changes in the New Year.

If you wish to discuss this matter, please call the appropriate team shown below:

Customer Experience Team call: 020 7398 5400

Mortgage Team call us on either:

020 7398 5421
020 7398 5422
020 7398 5423

Or contact one of our Reliance Bank Relationship Directors at commercial@reliancebankltd.com

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Reliance Bank Limited,
Faith House,
23 - 24 Lovat Lane,
London,
EC3R 8EB

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