RBS/NatWest tries to satisfy savers and borrowers - Savings - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

RBS/NatWest tries to satisfy savers and borrowers

RBS/NatWest tries to satisfy savers and borrowers

Category: Savings

Updated: 06/02/2009
First Published: 06/02/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

NatWest and Royal Bank of Scotland (RBS) has become the latest lender to confirm a reduction in its standard variable rate (SVR) following the Bank of England's decision to lower base rate to 1%.

With effect from 1 March, the bank said its SVR will fall to 4.00%, down from 4.19%, a reduction lower than the half percentage point cut made to base rate.

The bank said its decision to reduce SVR by 0.19% reflects its desire to strike a balance between the interests of both savers and borrowers.

"When determining reductions to our mortgage rates, it's important to consider the needs of our saving customers," said Paul Geddes, RBS Retail Banking Chief Executive. "Following this Bank of England base rate change, we will on average be reducing rates by less than 0.19% across our savings products."

All NatWest and RBS customers with mortgages that track the Bank of England base rate will benefit in full from the half percentage point reduction.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.