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
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