"Santander has admitted it would be able to charge some customers to hold their deposits if interest rates drop below zero, without having to send letters warning them of the possibility in the way that Royal Bank of Scotland has.
The UK arm of the Spanish bank made clear that it did not intend to start implementing charges for savers, but already had the necessary “terms and conditions” in place to do so.
RBS, and its NatWest arm, faced criticism after sending letters to small businesses warning them that they could face charges for deposits. “Global interest rates remain at very low levels and in some markets are currently negative. Dependent on future market conditions, this could result in us charging interest on credit balances,” customers were warned.
The move by RBS, which is 73% owned by taxpayers, kickstarted a debate about the impact on banks and their customers from low interest rates, at a time when the major high street banks are preparing to report their results for the first time since the vote to leave the EU.
The uncertainty created by the Brexit vote prompted Bank of England governor Mark Carney to warn of monetary easing over the summer, while a cut from the 0.5% historic low in UK interest rates is expected on 4 August."
https://www.theguardian.com/business...vings-deposits
Thanks Brexiters...
The UK arm of the Spanish bank made clear that it did not intend to start implementing charges for savers, but already had the necessary “terms and conditions” in place to do so.
RBS, and its NatWest arm, faced criticism after sending letters to small businesses warning them that they could face charges for deposits. “Global interest rates remain at very low levels and in some markets are currently negative. Dependent on future market conditions, this could result in us charging interest on credit balances,” customers were warned.
The move by RBS, which is 73% owned by taxpayers, kickstarted a debate about the impact on banks and their customers from low interest rates, at a time when the major high street banks are preparing to report their results for the first time since the vote to leave the EU.
The uncertainty created by the Brexit vote prompted Bank of England governor Mark Carney to warn of monetary easing over the summer, while a cut from the 0.5% historic low in UK interest rates is expected on 4 August."
https://www.theguardian.com/business...vings-deposits
Thanks Brexiters...
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