Bank warns of first negative interest rates

NatWest and Royal Bank of Scotland have warned businesses they may have to charge them to accept deposits due to low interest rates. The move, if enacted, would make them the first UK banks to introduce negative interest rates, in effect, charging to borrow money. Customers were informed in a letter: “Global interest rates remain at very low levels… this could result in us charging interest on credit balances”. Personal customers are not affected.

The Times, Page: 1, 2   The Guardian, Page: 1, 8    Daily Mirror, Page: 18   Daily Mail, Page: 28

Posted 26/07/2016