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NatWest and RBS warn business customers they could charge for deposits - Comment, Made Simple Group PDF Print E-mail
Wednesday, 27 July 2016
Commenting on NatWest and Royal Bank of Scotland’s warning that they may begin charging business customers to accept deposits, in preparation for negative interest rates, Howard Graham, CEO of start-up specialist Made Simple Group, said: “In an already uncertain time, the possibility of NatWest and RBS charging for deposits will be a worrying sign for micro-businesses with small margins and limited options in terms of how they use their capital. Both lenders are clearly taking precautions in the event of interest rates turning negative, but the strategy could backfire if businesses begin to vote with their feet and abandon the traditional loyalty, so common among business customers, in search of free banking.

“That said, if rates do turn negative, it is conceivable that all of the big banks will eventually go down this route. In a seemingly never-ending climate of very low interest rates, they are struggling to make money and this could be the way that banking goes.”

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