RBS cuts trackers and fixed rates

From tomorrow, rates will be cut by as much as 0.3% at a time when mortgage rates are rising across the industry. RBS made the biggest rights issue in UK history last week, worth £12bn, to boost its capital reserves and recently said it would sell its Direct Line and Churchill insurance arms. New tracker and fixed rates will be cut by as much as 0.1%, while five-year products with a 25% deposit have been lowered by as much as 0.3%. The bank has also announced it will help those saving for a deposit using its savings accounts with a tax-free cashback offer of up to £5,000. Paul Gedde...