Savers are likely to be enticed by NatWest’s latest offer, which has a particularly strong interest rate. The bank’s Digital Regular Saver is used by over 750,000 people according to the provider, and can be a big help in getting more for one’s money.
NatWest has described the account as perfect for those “looking to build your savings habit and steadily grow them over time”.
The provided added the Digital Regular Saver is its “go-to account”. But what does it provide?
Savers can earn a 6.17 percent interest rate gross, per annum, making this one of the best offers on the market.
The interest rate is made available on the first £5,000 which is saved into the account.
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Above this point, savers should be aware the interest rate will drop to 0.65 percent.
The Digital Regular Saver provides Britons with the space to save between £1 and £150 per month.
Savers will also get free anytime instant access to their savings with this account.
The interest rate, however, is variable, meaning it can be changed up or down at any time.
There are a few reasons for this, including if the Bank of England base rate changes – which it has done recently, rising 10 consecutive times.
NatWest assures savers it will let them know if the rate changes to allow people time to prepare.
The bank will provide at least 14 days’ notice if rates are going down, and one’s balance is £100 or more.
In other circumstances, NatWest states it will tell its customers before or shortly after the change.
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With a 6.17 percent interest rate, Britons can expect a good return, especially when compared to recently low rates.
For example, if someone were to deposit £150 per month, this would add up to £1,800 over the course of a year.
The interest earned on this account would be £59.83, creating a final balance of £1,859.83.
Before opening a Digital Regular Saver, there are specific eligibility rules to bear in mind.
Firstly, the account is only open to individuals who hold a NatWest current account.
A saver must also be a UK resident, and aged 16 years or over to apply.
Similarly, people will need to provide an email address and mobile number to open the account.
Individuals are only permitted to have one Digital Regular Saver, which they must hold in their name only, and joint accounts are not permitted.
Finally, people will be able to open this account via online banking, or through NatWest’s mobile app.
