NatWest ‘rewards’ Britons with 3% interest rate – how you could secure the deal

Savings: Expert gives advice on 'crucial' ways to save money

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NatWest has been a popular savings provider for many years, and it has a number of options for individuals who are hoping to keep their cash safe, as well as potentially get a decent return. This has been particularly important given the shockingly low interest rates of the last year and a half, which have left many savers effectively savings homeless – unsure where to turn to secure a good rate for their money. But one account which has remained fairly steadfast amid the chaos is the NatWest Digital Regular Saver. This account is also offered by NatWest’s sister provider, Royal Bank of Scotland (RBS), opening it up to a wide range of people.

NatWest has said the aim of the account is to “reward” people for choosing to save with them, and the solid interest rate is just one way of achieving this.

People will be able to benefit from an interest rate of 3.04 percent AER, one of the leading offers at the moment. However, they should note, it is only available on sums saved up to £1,000.

Above the £1,000 limit, the interest rate is set at 0.01 percent. Interest is calculated daily and paid into the account on the first business day of the month. 

Nonetheless, the Digital Regular Saver can be good for those with a set savings pot, or individuals hoping to grow a certain amount for a particular goal they had in mind.

The rate is flexible or variable, which means it could be changed up and down by NatWest at any point. This could be done for a number of reasons, including a change in the Bank of England’s base rate. 

The bank will give Britons at least 14 days’ notice if the rates are going down, provided the person has a balance of £100 or more in their account. Otherwise, it will state the change before or shortly after the alteration.

Britons can open the account and set up a standing order to gradually grow their fund. This must regularly pay in between £1 and £50 each month once the account is officially opened.

There is, however, flexibility as the standing order can be adjusted or topped up, as long as it does not exceed the £50 limit NatWest has put in place.

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If people are convinced about the idea of the Digital Regular Saver, then it is fairly easy to open and manage.

However, there are eligibility criteria individuals will need to bear in mind before they start their application for the account.

Perhaps most importantly is the notion that Britons must be a NatWest current account holder in order to benefit from this offer.

Furthermore, individuals must be UK residents as well as being aged 18 years or over when opening this account.

They must also provide their email address and mobile number to NatWest. This is so the account can be opened, and that important account documents can be sent. 

The account can be opened online, or via the mobile app, and managed in the same way. Britons can also manage the account in branch or by telephone if a person should so wish.

The £50 limit per month is steadfast. If a person repeatedly tries to pay in more than £50 each month, they will be given 60 days’ notice to close the account.

Extra money can come from a current or savings account in the person’s name held with NatWest, or held with another bank either online, by telephone or on the mobile app, as long as it does not exceed the £50 monthly limit.

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Britons are only allowed to have one Digital Regular Saver, and it will need to be in their name. Joint accounts will not be permitted. 

NatWest is not the only bank offering a favourable regular savings account, but Britons should bear in mind the separate eligibility rules of each provider.

Skipton Building Society is offering 3.5 percent, while West Brom has a rate of two percent. Finally, open to all, Coventry Building Society currently has a rate of 1.05 percent. 

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