Natwest and RBS customers: should you stay or go?

The NatWest and Royal Bank of Scotland have been forced to sell branches to Santander to satisfy European competition rules. Customers at those branches will automatically become Santander customers over the next year. So what should you do?

If you are a NatWest or Royal Bank of Scotland (RBS) customer you might not be for much longer. The state-backed banks have been forced to sell branches to Santander to satisfy European competition rules. Anyone who opened a current account, savings account or took out a mortgage at any of the 311 RBS branches in England and Wales, or the seven NatWest branches in Scotland, will automatically become Santander customers over the next year.

"No RBS or NatWest customers will be worse off as a result of the transfer," says a Santander spokesman on Thisismoney.co.uk. But they won't confirm what interest rates transferred customers borrowers nor savers will get. Luckily, you don't have to be a passive bystander. Under the terms of the deal NatWest and RBS aren't allowed to encourage customers to stay, but you can call 0800-210 0214 and request a form to fill in so you can stay with them. But before you do so, consider whether you are getting the best deal.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.