In December 2024, the Workplace Savings interest rate changed from 4.7% to 4.54% AER. 

Why is this changing? 

The interest rate for your Workplace Savings account follows the Bank of England base rate. The Bank of England recently decreased this rate by 0.25 percentage points meaning the interest offered by Investec (our banking partner) is being adjusted from 4.7% AER to 4.54% AER.

What happens next? 

You do not have to take any action. On the date above, your Workplace Savings account funds will start to accrue interest at the new rate. 

You can find all the details about interest and timing of interest payments on the Product Summary Box in the app under Hub > Build > Settings.