UK banks earn over £9bn interest on reserves with BoE

Higher interest rates present banks with bumper earnings

Bank of England

Four major lenders in the UK earned a total of £9.3 billion ($11.6 billion) in interest from their reserves with the Bank of England (BoE) last year, data published by a parliamentary committee shows.

The figure represents a 135% increase compared with 2022. The central bank pays interest on the reserves held with it by commercial banks at the current bank rate of 5.25%. A sharp increase in interest rates since 2021 has driven a significant jump in the banks’ earnings, at the expense of the BoE

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account