Emily Ramsey partners with NatWest to encourage saving
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Savers will be able to get up to 3.82 percent interest AER p.a. (variable) on their Digital Regular Saver. People can earn this interest on their first £1,000 in the account.
As the cost of living crisis continues to soar, many families will be looking for ways to make their money work harder for them.
Despite inflation being so high and interest rates being low, Britons are encouraged to check around for the best rates to ensure that any money in the banks is getting the best rate available.
NatWest increased the interest rates across a range of its products following the Bank of England base rate increase.
The Digital Regular Saver account offers customers the chance to get a rate of 3.82 percent AER p.a. (variable).
The Digital Regular Saver was named as a “top pick” by Martin Lewis’ Money Saving Expert website.
To qualify for this attractive interest rate, people will need to be able to regularly commit to saving between £1 and £150 each month.
Customers can change the exact amount they deposit into the account each month.
Once the first savings goal of £1,000 is reached, the interest rate savers are offered becomes lower.
From £1,001 to £5,000, Britons will get 0.50 percent interest.
On any amount higher than £5,000, the interest will be dropped to 0.40 percent.
Interest is calculated on a daily basis and paid into your account on the first business day of the month.
People will be able to see and access the interest in their account on the following day.
If someone deposited the maximum £150 monthly, after 12 months their balance with interest would be £1,829.87.
The interest earned would be £29.87.
NatWest has also introduced Round Ups which can help customer save more easily.
It sets aside spare change from the everyday things that each person buys by putting it in their savings account.
Customers that turn on Round Ups before 5.30pm on November 3 will automatically be entered into a prize draw, for a chance to win one of 10 £1,000 prizes.
A Digital Regular Saver can be opened online or through the mobile app.
People can manage their account on the mobile app, online, in branch or by telephone.
There is no maximum balance limit, however, the higher interest rate will only apply to balances up to and including £1,000.
New NatWest savings rates:
- Earn 3.75 percent gross p.a interest on the first £1,000,
- 0.50 percent on balances from £1,001 to £5,000
- Earn 0.40 percent on any amount over £5,000.
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