When being part of RBS Group means being shafted on your mortgage

[natweststaffmember]

Thank you to someone else for making me aware but RBS Group includes the One Account so the reduction by 1.5% on the Standard Variable Rate should have been a Godsend. Well, HMT treasury what do you say to a company you have a majority stake in that doesn't pass on the interest rate cut to its customers. Nice headlines today on repossession but shame on you.
Today they cut the rate by just 1% even though it is a variable rate product. Their headline grabbing, "we will pass on the interest rate cut" of 1.5% is simply garbage. Come on Stephen Hester, this needs to be sorted out.

[bankrupt]

Re: When being part of RBS Group means being shafted on your mortgage

The banks are in business to make a profit. Surely not passing on the interest rate cut is better than stealing from their customers accounts.

[natweststaffmember]

Re: When being part of RBS Group means being shafted on your mortgage

The banks are in business to make a profit. Surely not passing on the interest rate cut is better than stealing from their customers accounts.

Members of staff that steal from customers accounts would be sacked and then prosecuted. The comparison is not easy to make. The original head of Virgin One rebranded as the One Account has already gone on record to state that the account was branded to follow the BoE base rate cut. It hasn't.