NatWest to increase interest rate on regular savings to 3.75 percent | Personal Finance | Finance
NatWest is increasing the interest rates across a range of its products in response to the latest Bank of England base rate decision. Its Digital Regular Saver was named as a “top pick” by Martin Lewis’ Money Saving Expert website.
Savings rates are slowly improving with NatWest offering its Digital Regular Saver account customers due to get a new rate of 3.75 percent on balances up to £1,000 soon.
Martin Lewis recently named it as a top pick in his review of the best regular savings accounts.
The account, aimed at motivating customers to start a regular savings habit, currently pays a rate of 3.25 percent on balances up to £1,000, but this will all change from September 12.
To qualify for this attractive interest rate, people will need to be able to regularly commit to saving between £1 and £150 each month.
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If a customer uses their debit card to spend £2.55 on a coffee, it will be rounded up to £3 and 45p will be added to the customer’s Digital Regular Saver account or other easy access savings account.
The bank also introduced a “double ups” feature, enabling customers to automatically move double the spare change into their savings.
In addition, the account opening age for Digital Regular Saver was lowered earlier this year from 18 to 16 years old.
NatWest added almost 20,000 more current account holders in the first quarter of 2022, more than any other bank, according to the Current Account Switch Service (CASS).
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New NatWest savings rates:
- Earn 3.75 percent 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.
