Natwest and RBS were brave to slash fees, says uSwitch

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Natwest and RBS were brave to slash fees, says uSwitch

Tue 8th Sep 2009

Natwest and RBS's decision to cut the cost of charges and fees has been described as brave by uSwitch.

Louise Bond, personal finance expert at the comparison site, pointed out that this should not be a sign for borrowers to become "sloppy" in how they manage their finances.

She observed that it will help some people keep financially afloat in the current economic climate, however she also added a note of caution.

"Only time will tell if this new charging structure does what it says on the tin without carrying any nasty hidden surprises for customers," she said.

Ms Bond felt that on first glance it does look like the two banks have done the decent thing, but she said she hoped they are not planning to find another way of taking the money off customers.

Recently moneysupermarket.com suggested that the reason banks have been able to reduce their fees over the past year is because they have struggled to prove that they were at a fair level.

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