Effective interest rates - February 2020

This statistical release contains average interest rates across deposit or loan accounts with UK banks and building societies, calculated using data on rates and balances.

Published on 30 March 2020

Key points

Effective rates on new loans to PNFC decreased 12bps to 2.56%.
Effective rates on new unsecured other loans to individuals decreased 13bps to 6.90%.
Effective rates on new secured loans to individuals decreased 4bps to 1.81%.

Table A: Effective interest rates paid/received on individual's balances by UK MFIs (excluding central bank)

Per cent
Not seasonally adjusted

	Outstanding					New business
		Sight deposits	Time deposits	Other loans	Secured loans	Time deposits	Other loans	Secured loans
		Z6IQ	Z6IW	Z6KO	Z6K6	Z6IH	Z6K5	Z6JM
2019	Nov	0.47	0.96	6.88	2.39	1.12	6.94	1.87
	Dec	0.48	0.95	6.85	2.36	0.97	7.14	1.88
2020	Jan	0.46	0.95	6.86	2.36	1.05	7.03	1.85
	Feb	0.46	0.94	6.87	2.36	1.04	6.90	1.81

Table B: Effective interest rates paid/received on PNFC balances by UK MFIs (excluding central bank)

Per cent
Not seasonally adjusted

	Outstanding				New business
		Sight deposits	Time deposits	Loans	Time deposits	Loans
		HSCT	HSCU	HSDC	BJ72	BJ82
2019	Nov	0.42	0.85	3.24	0.70	2.60
	Dec	0.43	0.85	3.28	0.68	2.54
2020	Jan	0.43	0.84	3.29	0.65	2.68
	Feb	0.41	0.83	3.30	0.65	2.56