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Isle of Man Bank Base Rate

Find out why our interest rates change

On this page
How could base rate affect me?
Bank of England Base Rate
What is Standard Variable Rate?
How have interest rates changed recently?

How could base rate affect me?

The Bank's Base Rate is currently 0.10%

On certain products, our interest rates are linked to the Bank's Base Rate, which is influenced by changes in the Bank of England Base Rate changes. Your rate may also change if your current deal ends.

Bank of England Base Rate

What is the Bank of England Base Rate and who sets it?

  • The Bank of England (BoE) is the central bank of the UK
  • Base Rate is an interest rate set by the Bank of England’s Monetary Policy Committee
  • The Bank of England Base Rate is one of the most important interest rates because it tends to influence all the other interest rates, such as those set by banks.

What does the Bank of England Base Rate mean for you?

  • The Bank of England Base Rate is taken into account as a factor when deciding the Isle of Man Bank base rate
  • Therefore, if the Bank of England Base Rate changes, your monthly payment may be affected if you hold a Mortgage, Loan or Savings product
  • We will always notify you in advance of changes to any of our products so you have plenty of time to review your options.

What is Standard Variable Rate?

A Standard Variable Rate is a type of mortgage interest rate. It is set by the lender giving you a mortgage, and the rate can go up or down at any time.

It's not directly tied to the Bank of England's interest rate, however it does usually go up or down in line with it.

How have interest rates changed recently?

Effective Date

19/03/2020
11/03/2020
02/08/2018
02/11/2017
04/08/2016
05/03/2009
05/02/2009
08/01/2009

Base Rate %

0.10
0.25
0.75
0.50
0.25
0.50
1.00
1.50

Effective Date

01/04/2020
03/09/2018
01/12/2017
02/03/2009
02/02/2009
31/12/2008
01/12/2008
03/11/2008

Standard Variable Rate %

3.85
4.50
4.25
4.00
4.19
4.44
5.19
6.69

Effective Date

01/04/2020
23/11/2018
03/09/2018
01/12/2017
02/03/2009
02/02/2009
31/12/2008
01/12/2008

Standard Variable Rate %

4.35
5.00
4.50
4.25
4.00
4.19
4.44
5.19

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