Effective interest rates - December 2017

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 January 2018
  • Effective rates on new and stock individual floating-rate mortgages have increased by 24bps from 1.75% to 1.99% and 19bps from 2.60% to 2.79% respectively, showing pass through of the Bank Rate rise in November.
  • Effective rates on new fixed-rate other loans to individuals have all increased in December, the fixed-rate 1 – 5 years rate increased by 20bps from 7.94% to 8.14%.
  • Effective rates on individual stock deposits have increased; sight deposits increased by 9bps from 0.37% to 0.46% and time deposits increased by 7bps from 0.82% to 0.89%.

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 Secure loans
Z6IQ Z6IW Z6KO Z6K6 Z6IH Z6K5 Z6JM
2017 Sep 0.36 0.85 7.15 2.52 1.11 7.18 1.97
Oct 0.36 0.84 7.11 2.50 1.15 7.03 1.92
Nov 0.37 0.82 7.10 2.50 1.15 7.83 1.99
Dec 0.46 0.89 7.07 2.55 1.01 7.96 2.02

 

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
2017 Sep 0.14 0.42 2.81 0.29 2.41
Oct 0.14 0.43 2.82 0.31 2.39
Nov 0.23 0.49 2.91 0.53 2.57
Dec 0.26 0.50 2.95 0.48 2.61

Chart 1: Effective interest rates on household deposits - December-2017
Chart 2: Effective interest rates on household loans - December 2017
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