NatWest launches regular savings account paying 3% interest
NatWest has launched a Digital Regular Saver offering 3% in a bid to get customers in the habit of putting money away each month.
The Digital Regular Saver allows NatWest Current Account customers to earn a market-leading 3% gross on up to £1,000. Amounts above this attract 0.01%
Customers can save between £1 and £50 a month and withdrawals can be made at any time.
Based on a monthly £50 deposit, savers would have a balance of £609.88 (£9.88 interest) after a year.
However, the interest rate is variable which means it can be cut (or raised) with notice.
It can be opened online or via the NatWest app though it can be managed via the app, online, in branch or by phone.
NatWest said the new account is designed to help customers with little or no savings develop a savings habit and comes after it saw 400,000 customers grow their savings by £100 or more for the first time during the coronavirus lockdown.
Lewis Broadie, NatWest’s savings expert, said: “During lockdown many of our customers started to save for the first time. We are introducing the new Digital Regular Saver to help our customers start and maintain a long-term savings habit which will help them to become more financially secure.”