NatWest reduces SVR in line with BoE base rate cut
NatWest has reduced its Standard Variable Rate by 0.5% in line with The Bank of England base rate cut.
The reduction represents a drop from 4.24% to 3.74%, which will be effective from 1 April.
The lender added that customers on its SVR can take advantage of its fixed rate and tracker products, available immediately online or through its free mortgage advice service.
However, for existing customers with fixed rate products, they will remain on the same interest rate for the duration of their fixed term.
A NatWest spokesperson said: “The Bank of England base rate has decreased from 0.75% to 0.25%, with The Royal Bank of Scotland, NatWest and Ulster Bank Northern Ireland Bank Rate also decreasing from 0.75% to 0.25%.
“For customers of Royal Bank of Scotland, National Westminster Bank and Ulster Bank Northern Ireland we are also reducing the rates on a number of savings and deposit products.
“The new rates will take effect between the 20 April and 20 June depending on the product.
“For our savings customers, we understand how difficult the low interest environment has been.
“Our Savings Builder product will pay 1.00% to those customers who are looking to build up their savings while Premium Saver will pay more than Base Rate at 0.35% for those customers that have already built up a savings pot.”