1.9 million savers with RBS/NatWest will see their rate increase from January 2014 as a result of changes to the banks’ savings range, but more than a million customers will have their rate cut by up to 1%.
RBS/NatWest have spent the last two years creating a simple and clear product range, where all cash Isa customers will have the same pricing, servicing options and product features.
In July, the banks cut the number of cash Isa products on sale from four to two (one per brand), and now seven products will be removed from their off-sale range. In January 2014, all customers with an Isa product that is no longer on sale will be switched to one variable rate deal.
RBS/NatWest Isa changes ‘will benefit the majority of customers’
As a result of the changes, no Isa customers will earn less than 1.00% on their savings and 1.9 million savings customers with RBS/NatWest will see a rate increase, with some benefiting from a boost of up to 1.00%.
In addition, all Isa customers will now be able to interact with the banks through any channel they choose and to make transfers in to their variable rate cash Isa.
However, one million savers will be told their rate is to be cut by up to 1%. Existing savings customers with RBS/NatWest should soon receive a letter explaining how they’ll be affected by the changes. To reduce the impact of rate reductions, certain customers will benefit from a six-month bonus rate of 0.30%
RBS/NatWest: a more transparent savings range
As part of the changes, RBS/NatWest said they’ll be providing consistently fair pricing so that customers don’t have to worry about dropping to a very low rate following an introductory offer.
The rate will be the same regardless of how an account is opened – either online, over the phone, or in-branch – and there will be no offers that are available exclusively to new customers.