NatWest is offering customers a 3% interest rate on savings – eligibility explained

Martin Lewis advises on savings accounts for deposits

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NatWest is offering the three percent interest rate on its Digital Regular Saver account. The three percent gross per annum variable/3.04 percent AER applies on balances between £1 to £1,000.

Where balances exceed the £1,000 limit, the amount above the threshold will earn a reduced rate.

A rate of 0.01 percent AER/gross per annum variable will be paid on the amounts above the threshold.

For this account, interest will be calculated on a daily basis.

The interest is then paid into the account on the first business day of every month.

It should be noted that as the rate is variable, the bank can change it.

This means it could go down as well as up.

Where balances of £100 or more are held, the bank will give customers at least 14 days notice of any change to rates.

As it stands, there are limits on how much can be paid into the account in any given month.

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Currently, savers can pay in between £1 and £50 into the Digital Regular Saver account every month.

Savers will be able to adjust the standing order and top-up the total monthly contributions into this account but it cannot exceed the £50 maximum.

To qualify for the account, savers must hold a current account with NatWest in order to apply.

The account can be opened online or through the NatWest mobile app.

To manage the account, holders can use the mobile app, head online or contact NatWest in branch or by telephone.

Savers must also be a UK resident and be aged 18 years or over to qualify for the account.

There is no minimum deposit for opening the account, but a standing order from the NatWest current account must be set up.

This must range between £1 and £50 per calendar month.

Money can also be withdrawn from this account at any time.

To do this, savers will need to move the amount they want to their current account held with NatWest using online banking, the mobile app, in branch or by telephone.

If a holder closes or switches their current account with NatWest in the future, they will only be able to withdraw money from their account in branch.

Full details on the Digital Regular Saver account can be found on NatWest’s website.

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