Isa customers set for rate change
Three million cash Isa customers with NatWest and Royal Bank of Scotland (RBS) are to receive letters to break either bad news that their interest rate is going down or good news that it is being pushed up.
Just over one million savers are being told their interest rate is being cut by up to one per cent, while around double this number or 1.9 million people, will see their rate increase by up to one per cent.
The two banks, which are part of the same group, are making the move to “simplify” their existing range by moving everyone on an older Isa onto their newer deals.
RBS/NatWest have already slimmed down the number of cash Isa products that are on sale to one variable-rate cash Isa per brand.