December 2017 – The Bank Rate may have increased by 100% but members of the Darlington Building Society have learned that the interest rates on their savings accounts have gone in the opposite direction. Their Loyalty Savings account has been cut from 1.20% down to 0.70%. Not a very nice Christmas present from the Darlington.
It is common practice for building societies to not pass on the full or even part of a bank rate cut to savers but for a society to reduce the interest rate on a savings product by 42% following a 100% bank rate increase must be a record.