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.
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