Danske Bank Interest Rates

All information correct as of 1 July 2020

Here is a description of the Interest Rates set by Danske Bank.

Danske Bank Reference Rate (UK)

Currently 0.10%

Danske Bank Reference Rate (UK) is our own interest reference rate that we set ourselves. It will typically align with the Bank of England Bank Rate, but may vary from that rate. You should not expect it to fall below zero even if the Bank of England Bank Rate does.

Where the interest reference rate that applies to your loan, is the Danske Bank Reference Rate (UK) we can change that rate of interest at any time. This is our own interest reference rate, the rate is set by us and we make it publicly available.

If we change this rate then we will advertise the change by publishing notices on our Website, in our branches and in newspapers circulating in Northern Ireland. Any such change will take effect at the beginning of the day after Northern Bank Limited trading as Danske Bank announce a change in the Danske Bank Reference Rate (UK).

Danske Bank Standard Variable Rate (UK)

Currently 4.30%

Where the interest reference rate that applies to your loan, is the Danske Bank Standard Variable Rate (UK) we can change that rate of interest at any time. This is our own interest reference rate, the rate is set by us and we make it publicly available.

If we change this rate then any such change will take immediate effect on the date we specify in a written notice to you, or in notices on our Website, in our branches and advertisements in newspapers circulating in Northern Ireland.

Danske Bank Re:Pay Rate (UK)

Currently 3.49%

Where the interest reference rate that applies to your loan, is the Danske Bank Re:Pay Rate (UK) we can change that rate of interest at any time. This is our own interest reference rate, the rate is set by us and we make it publicly available.

If we change this rate then any such change will take immediate effect on the date we specify in a written notice to you, or in notices on our Website, in our branches and advertisements in newspapers circulating in Northern Ireland.

FAQs

  • How does Danske Bank Reference Rate (UK) affect me?

    Danske Bank Reference Rate (UK), also referred to as ‘DBRR’, affects the rate of interest we charge you for borrowing money from us for certain products, for example Tracker Home Loan and Term Loans. This means that changes to DBRR may affect the amount of interest you must pay us for these products. If you have borrowed money from us and you are not sure what interest reference rate applies to it, please check the documentation you would have been given when we granted you the loan or contact us for further assistance.

  • What should I do if you change Danske Bank Reference Rate DBRR?

    You do not need to take any action if we change DBRR. We will write to you to tell you what the new interest rate. If you believe that you may have difficulty making an increased repayment you should contact us to review your situation.

  • Why has the name changed?

    We have changed the name of Danske Bank Base Rate (UK) to Danske Bank Reference Rate (UK) to make a clearer distinction between our own internal reference rate, which is set by us, and the Bank of England Bank Rate, which is set by the Bank of England. This means that whilst DBRR typically follows the Bank of England Bank Rate, it is not guaranteed to do so.