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

News

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!
 
Close