Royal Bank of Scotland (RBS): Agree to pass on the full cut
Dec 04, 2008 | Comments 1
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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Filed Under: Mortgage News
Will RBS pass on the 1% rate reduction to mortgae tracker/variable rate mortgage owners too?