NatWest is a familiar name on Britain’s high streets, and its three percent interest rate offering will entice many people during this dire savings situation. In March 2020, the Bank of England took the decision to lower its base rate to 0.1 percent, a choice it has upheld within the last week. The knock-on effect is that interest rates tumbled for many familiar providers, leaving Britons with little opportunity to grow their funds.
For those hunting for competitive deals, the latest offering from NatWest – the Digital Regular Saver – could prove an appropriate solution.
However, while the interest rate is an attractive one, savers may also be incentivised to put money away due to the bank’s new competition.
During the month of March only, if a person opens their account and saves in April, May and June, they could be in with a chance to win big.
NatWest has said it is offering 10 prizes worth £1,000 each for regular savers, with the winners chosen in July.
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It is worth noting, though, the bank an change the interest rate up or down, but will give Britons at last 14 days notice if this occurs – as long as a balance is £100 or more.
People will be able to open a Digital Regular Saver whenever they so choose, but should bear important eligibility criteria in mind.
To open the account, a person must be a UK resident, aged 18 or over and a NatWest current account holder.
The account can be opened online or through the bank’s mobile app, and managed in the same way.
In addition, people can also go into branch or use the telephone to manage their account.
Britons will only be able to pay up to £50 into their account each calendar month – including a standing order and any additional money a person wishes to put in.
There is no minimum deposit to open the account, but a standing order will need to be set up.
The account is an easy access one, which means Britons will be able to withdraw their money at any time.
If situations change, a saver will be able to adjust their standing order, or top up their total monthly contributions.
Lewis Broadie, savings expert at NatWest, commented on the start of the competition and the offering from the bank.
“Since the launch of the Digital Regular Saver, we have seen that once customers begin to save, they develop a really good savings habit.
“With the added incentive of a chance to win £1,000 we hope to help even more customers kickstart a savings habit.”