RBS ups rate for savers after Goldman’s entry

Royal Bank of Scotland (RBS) yesterday unveiled a new savings product offering a rate of 1.5%, just weeks after Goldman Sachs entered the British market.

The instant access savings account will pay the annual rate up to the first £10,000, on the condition that customers deposit £50 per month. Goldman Sachs currently offers 1.5% up to £250,000.

It is possible that the move will be seen as an early sign that big British banks are feeling the pressure from the US banking giant’s entry into the retail banking market.

Despite this, it seems as though the new product from RBS is aimed at younger savers, as only 0.2% is offered beyond the £10,000 threshold.

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