UK Money Visualised · Map 05
When rates move, households do not move together.
Follow the saving and borrowing rates households actually received or paid—then translate the gap between two moments into pounds.
Official Bank of England data2020–2026Saving and borrowing
Choose a household rate
The effective rate charged on households’ outstanding secured borrowing, predominantly mortgages. This is not a new-deal mortgage quote.
Effective rates · existing balances
Seven snapshots of the rate cycle.
3.96%Mortgages · June 2026
MortgagesBank Rate
These are weighted average effective rates on balances already held—not the best available savings rate or a new mortgage offer. Existing fixed-rate loans can make borrowing rates respond slowly.
Translate the rate into pounds
What changed between then and now?
Select an earlier snapshot and change the balance. This is a mechanical comparison, not a product quote.
Dec 20212.00%£848 a month
→Jun 20263.96%£1,051 a month
Change in monthly repayment+£204on a repayment loan over 25 years
The transmission gap
One policy rate. Four different journeys.
Percentage-point change from December 2021 to June 2026.
Exact data
The seven published snapshots.
Percent · not seasonally adjusted
| Snapshot | Bank Rate | Easy-access savings | Fixed-term savings | Mortgages | Other loans |
|---|---|---|---|---|---|
| Dec 2020 | 0.10% | 0.12% | 0.51% | 2.12% | 6.55% |
| Dec 2021 | 0.25% | 0.09% | 0.33% | 2.00% | 6.47% |
| Dec 2022 | 3.50% | 0.83% | 1.67% | 2.50% | 7.00% |
| Dec 2023 | 5.25% | 2.03% | 3.71% | 3.36% | 7.88% |
| Dec 2024 | 4.75% | 2.17% | 3.74% | 3.79% | 8.48% |
| Dec 2025 | 3.75% | 1.75% | 3.35% | 3.92% | 8.61% |
| Jun 2026 | 3.75% | 1.65% | 3.36% | 3.96% | 9.03% |
What the data shows
Three reasons the headline rate is not your rate.
Sight deposits lagged
From December 2021 to June 2026, Bank Rate rose 3.50 points; the effective sight-deposit rate rose 1.56 points.
Fixed savings moved further
The effective time-deposit rate rose from 0.33% to 3.36% over the same period.
Existing mortgages move slowly
The secured-loan rate climbed after Bank Rate peaked because fixed mortgage deals reprice only when borrowers refinance.
Plain-English guide
What these rates actually measure.
The distinction between an effective rate and an advertised rate changes the story.
Effective interest rate
A weighted average of the rates banks and building societies report on existing household deposit and loan balances. It reflects what is actually on their books, not a market-leading offer.
Sight and time deposits
Sight deposits can generally be accessed without a fixed notice period. Time deposits restrict access for an agreed term and typically reprice faster when a new account is opened.
Secured and other loans
Secured loans are predominantly mortgages. Other loans are non-mortgage lending. The repayment illustration assumes a standard amortising loan and ignores fees, insurance and early repayment charges.
Why use snapshots?
The Bank publishes monthly data. This visual uses each December from 2020 to 2025 plus June 2026 so the broad cycle is legible. Month-to-month movements between those points are deliberately not implied.
Important boundary
A history lesson—not a rate comparison service.
- Your product rate can be far above or below the effective average.
- The pound illustration excludes fees, taxes and product conditions.
- Past pass-through does not predict how quickly future rate changes will reach households.
Primary sourceBank of England
Effective interest rates paid and received on individuals’ balances at UK monetary financial institutions, series Z6IQ, Z6IW, Z6K6 and Z6KO. December releases for 2020–25 and the June 2026 release.