Royal Bank of Scotland (RBS): Agree to pass on the full cut

Royal Bank of Scotland (RBS) have said that they will pass the Bank of England full interest rate cut on to its small business customers, the 1 percent reduction will benefit over 1 million small business customers on variable rate overdrafts and loans.

RBS said that due to the Monetary Policy Committees 1 percent interest rate cut, the Edinburgh based bank will ensure an appropriate balance between the interest of borrowers and savers in any decision the bank makes.

A Royal Bank of Scotland spokesperson also added that the bank will remain competitive in the market.

Lloyds TSB (LON:LLOY) and HSBC (LON:HSBA) have also agreed to pass the full rate cut onto small business customers.

Source: thisismoney

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