UK’s Largest Banks to Charge Negative Interest Rates; Merit of Bitcoin?

Over the past few days, some of Britain’s major banks including Santander UK, the Royal Bank of Scotland and UK-based commercial bank NatWest have been notifying their customers of potential implementation of negative interest rates on current bank accounts.
While the RBS and NatWest are yet to disclose the timeframe of the cut in their interest rates, one of Britain’s largest banks, Santander UK, has told its customers that the bank is decreasing the interest rate of its 123 Current accounts from 3% to 2%.
Santander UK’s 123 Current account has been serving millions of customers since 2012, and the recent announcement from the bank is set to cost its customers hundreds of dollars per year. Analysts and financial experts including Candid Financial Advice director Justin Modray stated that slashed interest rates are inimical to millions of bank account holders in UK.

This post was published at Coin Telegraph on 2016-08-01.