base rate

Definition

The interest rate that British banks charge to their best customers. Similar to the prime rate in the U.S.

This was previously know as the minimum lending rate.

Use base rate in a sentence

I wanted to know what the base rate was, because I liked having knowledge, because it was better than not knowing at all.

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The basic accounts come with a base rate interest rate however the accounts which are more exclusive have a better interest rate but they also require a much higher daily balance.

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When opening a British bank account you may be offered to only pay the base rate, depending on how loyal of a customer you are and how your standing with the bank ranks against other bank customers.

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index-tracking bank base rate