NatWest offers 3% interest rate on savings to eligible customers – check now

NatWest explain how they are helping during the pandemic

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NatWest is a familiar banking provider which is used by millions of people right across the UK. With interest rates at shocking lows recently, savers have been presented with little opportunity to grow their cash. Nearly a year ago, the Bank of England took the decision to lower its base rate to 0.1 percent, and this has had an impact on Britons ever since.

Many have been looking for good interest rates to help increase their savings in vain, but there are still a few options out there.

One such opportunity has presented itself to NatWest savers which could be particularly enticing.

The bank has put forward its Digital Regular Saving Account, which is also available through its sister provider RBS.

As of December 2020, some 162,000 NatWest customers are benefitting from the account, proving its popularity. 

READ MORE: State pension: Savers will need to pay NI even when they hit 35 years

The account offers an attractive rate for individuals who are ready and willing to put away money on a regular basis.

Currently, NatWest is offering a three percent interest rate gross, which works out as 3.04 percent AER per annum.

NatWest has described the account as a “go-to” for Britons who are looking to build their savings habit.

All people will need to do is open their account and set up a standing order which regularly pays in between £1 and £50 each month.

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It is worth noting, though, this amount can be adjusted at any point, as long as it does not exceed the £50 limit.

In total, then, Britons will be able to save up to £1,000 if eligible to use the account, which could help them grow their money. 

This is likely to be a suitable account for a person who is able to put away small amounts of money but on a regular basis.

However, the upper limit to the account is important for savers to bear in mind.

This is because any amount deposited over the £1,000 limit will only earn 0.01 percent in interest, very different to the three percent offering.

Another important issue to consider is the eligibility of a person to unlock an entitlement to the NatWest Digital Regular Saver account.

Perhaps most importantly, Britons are required to be a NatWest current account holder.

However, they must also be aged 18 or over and a UK resident in order to be eligible.

The account can be opened online, or alternatively through NatWest’s mobile app, and can be managed in a variety of ways too.

These include using online banking, a mobile app, in branch or using the telephone. 

Another attractive saving opportunity launched this week is the offering by Yorkshire Building Society.

Customers have the chance to earn 3.5 percent interest, can begin saving in the account from £10 and can save up to £500 per month for one year.

However, there are important eligibility criteria to bear in mind with this account which Britons will need to investigate further.

Do you have a money dilemma which you’d like a financial expert’s opinion on? If you would like to ask one of our finance experts a question, please email your query to personal.finance@reachplc.com

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