They have also removed all other overdraft fees and charges, meaning that all customers who use their overdraft for the three months from Monday 30th March will pay less.
NatWest, Royal Bank and Ulster Bank have been working hard to make sure that they have the right support in place for any customers impacted by Coronavirus and have announced a range of measures to help customers who have been financially impacted. They have created dedicated customer care lines for over 70s and those in extended isolation and NHS workers.
Speaking on the changes, Les Matheson, CEO of Personal Banking, NatWest Group, said:
“We have taken the decision to hold interest rates on our overdrafts in order to help our personal customers during this unpredictable and unprecedented time. All of our customers, using their overdrafts, will pay less under these lower rates of interest, for any size of overdraft, for at least three months, with no other associated fees and charges during this period.”
“We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption. We have a strong track record in working with our customers who are affected by disruption outside of their control”.
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Current overdraft interest rates will remain in place until 30th June 2020.
Most customers will pay Representative 19.89% APR variable for that period, rather than our standard rate of Representative 39.49% APR variable.
To help customers stay in control of their finances, NatWest have a free text alert service to let customers know when they are about to go into arranged borrowing and when they are about to spend over that limit; giving them time to move money between accounts.