RBS –smaller, simpler, smarter? Or still a bit shite?
The RBS, after announcing an £8.2bn mega loss, has decided to turn into a nice, cosy, manageable British bank, ‘with the needs of its customers at its core.’
While you may be excused for approaching this new way of thinking with the same skepticism you might apply to the Big Bad Wolf dressed up as granny, the question is – what will RBS’ proposed changes mean for us?
For borrowers, RBS propose to cut 0% balance transfer deals on credit cards to stop the current practice of people borrowing from elsewhere and then moving their debts around from bank to bank. Instead they’re offering a range of credit card deals with initial interest free periods, including a platinum card which is interest free for the first 28 months.
Hmm, ok. Except, according to financial expert Andrew Hagger: ‘People are quite happy to shop around for these deals, they don't necessarily take a credit card from the bank their current account is with, so if they want a 0% deal they will look elsewhere."
They’re also going to stop offering online customers different interest rates, giving savers a less confusing range of products. But unfortunately the rates aren’t very competitive.
The problem is, other banks are also scrapping 0% balance transfer deals and simplifying their range of savings accounts, too. Got anything else up your sleeve, RBS? Well, their final promise is to improve customer service, but we'll believe THAT when we see it.
So why would you trust RBS? Perhaps they need to offer something more exciting. Like free biscuits? Offer me some free biscuits, and we'll talk.