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News and information about loans, money, debt, finance and business issues.

Tuesday, July 26, 2016

NatWest and RBS Might Charge for Deposits

Natwest and Royal Bank of Scotland (RBS) have warned businesses they may have to charge them to accept deposits due to low interest rates.

The banks are quoted by the BBC:
"We will consider any necessary action in the event of the Bank of England base rate falling below zero, but will do our utmost to protect our customers from any impacts."
Thus far personal customers are unaffected. However, that situation may change.

The move follows Dutch bank ABN Amro, which has warned its business customers that it will charge them for deposits.

As such, now is the time for people to consider lightening their cash balances held in banks and finding other means of holding wealth; eg under the mattress, or in precious metals.

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