NatWest offers 3.04% interest rate through its ‘go-to’ account – are you eligible?

Emily Ramsey partners with NatWest to encourage saving

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NatWest is a familiar bank, and one of its accounts is likely to prove particularly popular. Many savers are looking for the best returns on money they put away, either for a rainy day or specific goal.

NatWest has floated its Digital Regular Saver as a potential option, describing it as a “go-to” account.

Britons can start to save through this account by regularly paying in £1 to £50 each month.

Individuals will be able to benefit from a competitive interest rate of 3.04 percent AER.

This makes it one of the leading offers on the market at the moment.

However, individuals should note, this rate is only available on sums saved up to £1,000.

Above this limit, the interest rate is set at 0.01 percent.

Interest is calculated daily and will be paid into the account on the first business day of the month.

To pay into the account, Britons must set up a standing order, but the amount they pay in can be changed if a person wishes.

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The interest rate on this account is not fixed, and can be changed by NatWest at any time.

However, individuals can expect to get 14 days’ notice at the last if the rate is going down and their balance is £100.

In other cases, people will be told shortly before or after the change occurs.

Only certain people will be eligible for this account, so it is important to check its terms.

Individuals must be a UK resident and aged 18 years or over to open a Digital Regular Saver.

Most importantly, they will also need to hold a NatWest current account, making it a slightly more exclusive offer.

Savers will be able to open the account online or through NatWest’s mobile app.

In a similar sense, there is also flexibility on how people decide to manage the money in their Digital Regular Saver.

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It can be monitored through the mobile app, online, in branch or by telephone.

Britons are warned they cannot exceed the £50 per month limit on this account, as any money over this limit will be automatically moved to one’s current account.

If a person repeatedly tries to pay more than £50 per month into the account, they will be given 60 days’ notice to close it. 

Savers can only have one Digital Regular Saver, which must be in their name, and joint accounts are not permitted.

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