Bank of England reduce base rate - what does this mean for Zero's Planet Safe Saver?

At its meeting on 17th December, the Monetary Policy Committee of the Bank of England voted by 5 to 4 to reduce Bank Base Rate by 0.25 percentage points, to 3.75%. Four members voted to maintain Bank Rate at 4%. The rate change is effective Thursday 18th December when the change was announced.

You can read more about the decision in this Bank of England Article.

Zero's Planet Safe Saver Easy Access savings account is a base rate tracker and as such the interest rate payable also changes today by the same amount, with the new rate being 3.4% AER (3.35% gross).

We expect that other banks will also reduce rates by a similar amount either immediately or over the coming few weeks.