Effective interest rates - January 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 01 March 2018
  • Effective rates on new individual mortgages have all slightly decreased into January; the fixed-rate 5 year mortgages decreased by 4bps from 2.18% to 2.14%.
  • Effective rates on new deposits with a fixation up to 1 year have increased; 1 year fixed-rate bond increased by 8bps from 0.64% to 0.72% and 1 year time deposits increased by 7bps from 0.85% to 0.92%.
  • Effective rates on stock individual interest charging overdrafts decreased 199bps from 10.80% to 8.81%. 

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 Secure loans
Z6IQ Z6IW Z6KO Z6K6 Z6IH Z6K5 Z6JM
2017 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
2018 Jan  0.45 0.90 7.10   2.53   1.02 7.60 1.96

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 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
2018 Jan 0.29 0.57 3.05   0.46 2.68
effective-interest-rates-jan-2018-chart1
effective-interest-rates-jan-2018-chart2
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