RBS rethinks rate reduction

The five-year fixed rate product was initially cut from 5.69 per cent to 5.54 per cent on 31 January.

However RBS has now put the rate back up to 5.69 per cent, even though the Bank of England reduced the base rate to 5.25 per cent in the interim period.

Other criteria for the five-year product remain the same.

RBS has also increased rates on its online-only two-year fix to 5.70 per cent.