Effective interest rates - February 2018

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 29 March 2018

Effective rates on new mortgages to individuals increased in February. Fixed rates, which make up over 90% of new mortgages, increased this month by 7bps from 1.96% to 2.03%.
Effective rates on new fixed-rate other loans, such as personal loans, to individuals, which make up over 90% of other loans, decreased by 34bps from 7.94% to 7.60%.
Effective rates on new time deposits decreased by 5bps from 1.02% to 0.97%. The lowest since July 2017.

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	Nov	0.37	0.82	7.10	2.50	1.15	7.83	1.98
	Dec	0.46	0.89	7.07	2.55	1.01	7.96	2.01
2018	Jan	0.45	0.90	7.10	2.53	1.02	7.60	1.96
	Feb	0.46	0.90	7.00	2.51	0.97	7.37	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	Nov	0.23	0.49	2.91	0.53	2.57
	Dec	0.26	0.50	2.96	0.48	2.61
2018	Jan	0.29	0.57	3.05	0.46	2.68
	Feb	0.28	0.56	3.06	0.46	2.77