RBS drops SVR to 4.44%

Royal Bank of Scotland has cut its Standard Variable Rate will be cut 0.75% from 5.19% to 4.44%.

The reduction follows a review after the Bank of England’s Monetary Policy Committee decision yesterday.

The rate change is effective from January 1 and applies to both RBS and NatWest.

Offset mortgages from both will be reduced by 0.75% from December 31 with new rates from 4.20%.

Any existing customers with RBS and NatWest mortgages that track the Bank base rate will benefit from a cut of 1.00% from January 1 2009.

In addition, One Account customers will benefit from a cut of 1.00%, with rates starting at 4.10% from December 31.