The banks have announced to keep overdraft interest at current rates for at least three in response to the coronavirus impact

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NatWest, Royal Bank of Scotland and Ulster Bank reduce charges for customers until next 3 months. (Credit: The Royal Bank of Scotland.)

National Westminster Bank (NatWest), Royal Bank of Scotland and Ulster Bank will hold the overdraft interest at current rates for personal customers for at least three months.

The banks’ decision to hold rates unchanged is intended to ensure financial peace of mind to customers amid COVID-19 pandemic.

The banks have also removed all other overdraft fees and charges to enable customers who use their overdraft for the three months from Monday 30th March to pay less.

NatWest Group personal banking CEO Les Matheson 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.”

NatWest, RBS and Ulster Bank are working together to support the customers

NatWest, RBS and Ulster Bank have been working together to support the customers impacted by Coronavirus and have initiated various measures to help financially impacted customers.

The banks have created dedicated customer care lines for over 70s and those in extended isolation and NHS workers.

Matheson added: “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.”

Recently, HSBC UK  has announced measures to extend financial support for businesses dealing with the prevailing COVID-19 outbreak.

The new measures include preferential financial solutions to help businesses engaged in the supply and making of ventilators.