Why choose Wombat’s Base Rate Tracker?
Highly competitive interest that adjusts automatically
Get instant access to your funds
Benefit from compounding with daily interest payments
Free and easy to open
One app for effortless money management
If you deposit
You could earn
Your savings are safe
So you can rest-assured knowing that deposits up to £85,000 per person, per banking group, are protected by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
FSCS Information Sheet and Exclusions List
What is Wombat's Base Rate Tracker savings account?
Interest rates are determined by the Bank of England base rate, which recently announced its 14th consecutive increase in August 2023, reaching its highest level since March 2008.
Usually, banks and savings providers decide whether and when to pass on any rate increases to savers, meaning you may not see any benefit at all. However, our Base Rate Tracker adjusts with the Bank of England base rate, less 0.5%, the very next day, eliminating the need for endless switching.
Plus, our GB Bank Base Rate Tracker combines the advantages of a savings tracker with the convenience of an easy access account. No need to lock your savings away for extended periods, deposit anytime and enjoy once a month withdrawals, receive daily interest, and you're guaranteed to see your interest increase with any rise in the Bank of England base rate.
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Frequently asked questions
Wombat’s GB Bank Base Rate Tracker is a free savings account that adjusts instantly with the Bank of England base rate, less 0.5%, the very next day, eliminating the need for endless switching.
Our Base Rate Tracker also combines the advantages of a savings tracker with the convenience of an easy access account. So not only do you get a competitive interest rate whenever the base rate changes, but you also don’t need to fix your savings for extended periods, you can deposit as many times as you like from £50 (minimum opening balance of £500), and you can withdraw your money easily once per month.
You will receive monthly interest, and you're guaranteed to see your interest increase with any rise in the base rate, so you don’t need to worry about switching for a competitive rate.
Wombat has partnered with GB Bank to bring you our Base Rate Tracker savings account.
GB Bank is an award-winning, fully authorised and regulated UK bank (FRN: 850286), dedicated to providing accessible and competitive savings accounts. Every penny saved with GB Bank contributes towards building better futures for the communities across the UK that need it most.
Any funds you deposit in Wombat's Base Rate Tracker are deposited with GB Bank (prior to depositing the money with GB Bank, money will briefly be held in an eMoney wallet in your name with Bondsmith), and are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). Any deposits you hold above the limit are unlikely to be covered. For further information, please view the Information Sheet on their website here.
Yes, Wombat's GB Bank Base Rate Tracker is completely free.
The interest on your balance is calculated each day, and paid monthly. The interest you receive on your savings in Wombat’s GB Bank Base Rate Tracker is determined by the Bank of England base rate, less 0.5%, so if the base rate increases, your interest rate increases too. If it decreases, your interest rate will decrease too.
For example, the base rate increased to 5.25% August 2023, meaning your interest rate with Wombat would be 4.75%. When the base rate changes, with our Base Rate Tracker, your interest automatically updates the very next day, meaning you will always get a competitive rate, without the need for endless account switching. It’s usually up to individual savings providers to decide whether and when to pass on this rate to savers, meaning you may not see any benefit at all with some providers.
With a 4.75% AER (assuming you didn’t deposit, withdraw, or the interest rate didn’t change) if you held £1,000 in your account over 12 months, you’d earn £47.50 in interest, meaning a total balance of £1,047.50 at the end of the year.
Variable interest rate means the internet rate you receive on your savings is not fixed and can change.
With some accounts, you might agree to lock your money away for a certain period of time, guaranteeing that you’ll receive a specific interest rate for the duration; these are known as fixed accounts. With a variable interest rate, the interest you receive fluctuates with the Bank of England base rate (so it can decrease or increase).