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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