NatWest Savings Accounts

Who is NatWest?

NatWest, short for National Westminster Bank, has been a cornerstone of British banking since its establishment in 1968 through the merger of National Provincial Bank and Westminster Bank.

Acquired by RBS Group in 2000, it's now part of NatWest Group plc, one of the largest banking groups in the UK, serving millions of customers nationwide.

What types of savings accounts does NatWest offer?

NatWest's savings accounts are aimed at individuals looking for straightforward ways to save and grow their money, offering competitive rates and a range of account types to suit different needs.

• Digital regular saver: Save between £1 and £150 per month with easy access to your savings. Earn higher interest on your first £5,000, and top up the account with cashback from credit and debit card spending, and when you round up card payments. Exclusively available to NatWest current account holders aged 16 or over.

• Flexible saver: Suitable for customers seeking easy access to their funds, it provides a variable interest rate, with interest paid monthly. Start from a deposit of just £1 and earn higher interest when saving £25,000 and over. Top up savings by rounding up card payments at retailers. Exclusively available to NatWest current account holders aged 16 or over.

• Fixed rate ISA: Lets you lock in your interest rate for one or two years, giving you certainty over how much tax-free interest you’ll earn. Interest is paid annually. You must be 18 or over and a UK resident and can only subscribe to one cash ISA with NatWest Bank in any tax year.. As a flexible ISA you can transfer ISA balances from other providers.

• Cash ISA: Earn tax-free interest on balances up to £20,000. Start saving with just £1 and have instant access to your savings whenever you need them. You’ll also earn a higher rate of interest on balances of £25,000 and over. Interest is paid monthly and transfers are allowed. To be eligible, you must be 18 or over and a UK resident.

• Fixed term savings: Allows you to secure a fixed interest rate for a lump sum for a set period, ensuring you know exactly how much interest you’ll earn. You can choose a term of one or two years, with interest paid monthly. and deposits up to £5million, with savings locked away for the chosen term. Early closure charges may apply if you need to access your money before the term ends. To open an account, you must be 16 or over and a UK resident.

• First saver: Designed for children under 16, helping them start saving for the future while earning interest on their savings. Can be opened and managed by a parent or guardian in trust for the child. Opening an account is straightforward and can be done online in just five minutes. It offers instant access to funds, allowing flexibility for withdrawals or deposits at any time. Parents can also top up savings with round ups, where card payments are rounded up to the nearest pound and that money added to the first saver account.

NatWest savings accounts eligibility

To open a savings account with NatWest you’ll usually need to be a UK resident and aged 16 or over, although some accounts may have different age requirements, for example, children’s savings accounts can be opened for younger savers, while certain fixed-term or reward accounts may require you to be 18 or older. You’ll also need a UK address and valid proof of identity. In many cases, you don’t have to already hold a NatWest current account to apply, though existing customers can often open and manage savings accounts easily through online banking or the NatWest app.

Are there any fees or restrictions?

NatWest savings accounts generally do not have setup fees, but certain restrictions apply depending on the account type. For example, the digital regular saver only lets you deposit up to £150 per calendar month.

The fixed term savings accounts also lock your money away for your chosen term of one or two years. If you need to access your money earlier, the accounts will need to close and you’ll be charged up to 90 days’ interest. Additionally, interest rates on some accounts are variable and may change over time.

You can also only open one cash ISA with NatWest each tax year, although you can open other cash ISAs with other providers.

What are round-ups and how can they help me save?

Round-ups is a feature that helps you save automatically by rounding up your everyday debit card purchases to the nearest pound and transferring the difference into your NatWest savings account.

This feature applies to eligible accounts, including the digital regular saver and first saver, but does not count towards monthly deposit limits.

What are NatWest rewards and how can they help grow my savings?

Rewards are a feature that allows NatWest customers to earn cashback on debit and credit card spending and direct debits.

These Rewards can be converted into cash and transferred into a NatWest savings account, such as the digital regular saver, without counting towards deposit limits.

Can I transfer money from an existing cash ISA?

Yes, NatWest allows transfers from existing cash ISAs held with other providers. This flexibility enables you to consolidate your ISA savings under one roof, potentially benefiting from better rates or terms offered by NatWest.

Is there a mobile app for NatWest savings accounts?

Yes, NatWest offers a mobile banking app that allows you to manage your savings accounts on the go. From checking balances to making transfers and setting up savings goals, the app provides secure and convenient access to your finances.

Is NatWest regulated and safe?

NatWest is authorised by the Financial Conduct Authority (FCA) and regulated by the Prudential Regulation Authority (PRA), ensuring compliance with UK banking standards and providing peace of mind for customers.

Eligible deposits up to £120,000 per person are protected by the Financial Services Compensation Scheme (FSCS).

How to open a savings account with NatWest?

Opening a savings account with NatWest is straightforward:

1. Check your eligibility: You must be 16 or over (18 in some cases) and a UK resident.

2. Choose your account type: NatWest offers easy access, regular saver and fixed term savings accounts, including variable and fixed rate cash ISAs.

3. Apply online, by phone or in-branch: Provide necessary personal details, including your National Insurance number for cash ISAs, and link a UK current account for transactions.

Why compare savings accounts with MoneySuperMarket?

Comparing savings accounts with MoneySuperMarket ensures you find the best option for your financial goals.

We show leading accounts from across the market and by comparing interest rates, terms, and features, you can make an informed decision and potentially maximise your savings.