Variable Rate

Gummomarx

I'm on Santander's 2.5% variable rate. I must plead some ignorance as to how variable this can possibly get.

Should I be able to check the actual rate (as it changes) on an ongoing basis on-line? Or, do I have the wrong end of the stick in all of this?

Hominu

The rule is usually: If the interest rate is reduced by 0.5% or more within one year (either in one go or in a series of steps) compared to Bank of England base rate; or the interest rate reduced by 0.25% or more in one movement compared to the Bank of England base rate, then the bank must inform you.

Other than that, you should be able to check the interest rate, but they may not make it easy.

Gummomarx

Thanks, Hominu. I'm relieved that I'll get some notification. They haven't made it easy - I've tried to establish, be e-mailing Santander, some means of accessing the current rate but they keep redirecting me to a list of ISA rates which doesn't feature mine.

My last ISA provider, Halifax, always made the current rate easily visible on-line.