Paul Geddes, Chief Executive, RBS Retail Banking commented: "The reduction to our Standard Variable Rate reflects the Banks desire to ensure that the interests of both savers and borrowers are addressed. We will be cushioning our savers from the full impact of the Bank of England base rate cut and will ensure an average rate cut across our savings of less than 0.25%.
The NatWest and RBS Standard Variable Rate mortgage remains competitive with a new rate of 4.19 per cent and over the last four months the rate has been cut by a total of 3.00%."
The Standard Variable rate mortgage change is effective from 1 February 2009. All our customers with tracker mortgages that track the Bank of England Base rate will benefit in full from the base rate reduction.
