NatWest and RBS to balance mortgages and savings

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NatWest and RBS to balance mortgages and savings

NatWest and the Royal Bank of Scotland (RBS) have said that they will aim to balance the needs of their mortgage and savings customers, in light of a new cut to the base rate of interest.

The Bank of England's monetary policy committee voted to cut interest to 0.5 per cent this week - news which may have delighted borrowers but disappointed savers.

However, customers of NatWest and RBS have been assured that they will be protected, regardless of what product they have with the banks.

For example, many of the banks' mortgage customers are on tracker or fixed-rate deals, but those who have flexible rates will see a reduction of 0.25 per cent form April 1st.

And despite the base rate falling by 0.5 per cent, the average reduction on savings products will be 0.2 per cent.

"It is more important than ever to consider both our savings and mortgage customers when determining any rate changes," said Paul Geddes, chief executive of retail banking at RBS.

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