The Royal Bank of Scotland (RBS) and its NatWest subsidiary have been fined by the Financial Services Authority (FSA) for “multiple failings”. The fine of £2.8 million was imposed because there was an “unacceptably high risk that customers may not have been treated fairly” due to not handling customers routine complaints in a proper manner. [...]
It has been revealed today that customers of Royal Bank of Scotland (RBS) and NatWest will be able to access their bank accounts through Britain’s 12,000 post offices. The announcement comes after Postal Affairs Minister, Edward Davey, recently said he was concerned that some banks do not allow customers at post offices to conduct transactions, [...]
A report by RBS and Natwest has found a growing number of small and medium-sized firms are suffering as their customers make late payments. While late payments can be a major headache for many companies, it can be particularly harmful to SMEs, who rely on regular incoming payments. If payments do not arrive on time, [...]
Banks are increasingly tempting their current account holders with mortgage offers, as they seek to become “one-stop shops” in financial services. Research from financial products analyst, Defaqto, suggests the number of mortgage offers available exclusively to current account customers is on the rise. According to the firm, Abbey offers free valuations and cash back on [...]
Royal Bank of Scotland (RBS) and its NatWest subsidiary are heading the list in a survey of the UK’s most competitive mortgage lenders, by Evaluate Technologies. The firm, which specialises in “cutting edge” technology for the financial services sector, studied the market over the three months to the end of August and awarded top place [...]
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland’s (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling [...]
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges – ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and [...]
O2 is to enter the UK’s personal finance market, by forming an alliance with NatWest, by launching a Visa pre-paid cash-card service. The first products from O2 Money, with the backing of NatWest, are two cash cards, designed to give people more control of their money. The cards will be in circulation from next month [...]
NatWest yesterday launched its 2009 student account, offering a free five-year 16-25 Railcard and up to £2,000 interest-free overdraft. The Railcard, worth £130, provides 1/3 off rail travel for 16-25 year olds, and can also be used for special student discounts at hundreds of high street and online stores. Overdraft facilities on the account increase [...]
Royal Bank of Scotland (RBS) and NatWest have unveiled greater security protection for their online banking customers. Customers of banks in the RBS Group, including RBS, NatWest, and Ulster Bank, will now be protected from hackers, viruses, and Trojans with Rapport security software. The software offers additional security on top of anti-virus and firewall packages, [...]
RBS and NatWest have launched a new three year fixed-rate bond paying interest at up to 5.0% AER. The escalator bond requires a minimum investment of £5,000, and matures on 29 May 2012. Interest is paid at 3.0% gross in the first year, 4.0% in the second year, and 5.0% in the financial year. Interest [...]
HSBC is the best high street bank for customer service, according to mystery shopper research by Prophet. The innovation strategy consultants found that of the ten banks surveyed, only HSBC and Citi offer a customer experience ‘above expectations’. Barclays came in third place behind HSBC and Citi, providing a customer experience that met expectations. Lloyds [...]
RBS and its subsidiary NatWest will only be passing on half of yesterday’s base rate cut to mortgage customers on their standard variable rates (SVRs). The lenders are reducing SVRs by 0.25%, although they claim most customers will not be missing out because the majority are either on tracker or fixed-rate deals. In the case [...]
NatWest has launched two new ISAs paying interest at up to 3.51%. Its online e-ISA, which accepts balance transfers from ISA savings in previous tax years, pays an AER of 3.25% on balances up to £9,999, and 3.51% on balances over £10,000. The bank asserts that this top rate makes it the most competitive online-only [...]
With interest rates plummeting on many savings accounts, NatWest and RBS have launched new savings products to help pensioners feeling the pinch. Many pensioners rely on interest from their savings as a source of income. Because of this, the two banks have launched their own specialist savings account for over 60s and for those drawing [...]
RBS Group, whose subsidiaries include the Royal Bank of Scotland and NatWest, has launched a new fixed rate mortgage at 3.99% interest. The two year deal is available to new and existing customers with a loan to value (LTV) of 60%. It has a £799 set up fee. Other fixed rate mortgages offered by RBS [...]
The RBS Group has announced that it will only pass on last week’s Bank of England base rate cut to some customers. The banking group, which includes NatWest and the Royal Bank of Scotland, said those on tracker mortgages and small business with variable rate overdrafts would benefit from the full 0.5% cut. However, individual [...]
RBS and its subsidiary, NatWest, have launched a new two-year fixed-rate home loan. Borrowers with a minimum 15% deposit can benefit from a rate of 5.74% and a reduced fee of £499. The rate on the new deal is up to 0.45% below those on similar products offered by the lenders, while the fee is [...]
RBS and its subsidiary, NatWest, have cut rates by up to 0.35% on fixed and tracker mortgages. The reductions are the second to be applied since the beginning of August and will benefit new customers and existing borrowers who need to remortgage. Applications can be made through RBS and NatWest branches and RBS and NatWest [...]
Yorkshire Building Society has today launched a two-year fixed-rate mortgage with interest at 5.54%. The lender is also tempting customers with a reduced fee of £895. In addition, both Yorkshire and Abbey have announced rate cuts on various loans. Yorkshire has made amendments to an existing two-year fixed-rate mortgage that carried a 3% fee: the [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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