The move, which would make them the first UK banks to introduce negative interest rates, would not affect personal customers, but the 1.3 million business and commercial customers that use the two banks would, in theory, be charged to deposit money.
“We will consider any necessary action in the event of the Bank of England base rate falling below zero,” said RBS.
Commenting, Mike Cherry, national chairman of the Federation of Small Businesses (FSB), said: “Today’s warning from NatWest and RBS will be deeply concerning to small firms. FSB’s latest research shows small business confidence is already at a four-year low.
“When the Monetary Policy Committee meets next week to decide on interest rates, we would call on them to do everything possible to consider the implications of changing interest rates for smaller firms and the self-employed looking to maintain or grow their business.”
