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NatWest Digital Regular Saver account review
If you're looking for a savings account to help you save more frequently, find out whether the NatWest Digital Regular Saver account could work for you.
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National Westminster Bank or NatWest was formed in 1968 by the merger of National Provincial Bank and Westminster Bank. Today it offers a wide range of financial products, including a number of savings accounts. This review looks at the Digital Regular Saver account.
What is the NatWest Digital Regular Saver account?
The NatWest Digital Regular Saver account is designed to help you save on a monthly basis. The amount you can pay in each month must be between £1 and £150, but you can change this whenever you need to.
You’ll then earn a tiered rate of interest, depending on the amount you have in your account. Unusually, the higher your balance, the lower the interest rate will be. The account can be managed online, via the mobile app, in branch or by phone.
How does it work?
The NatWest Digital Regular Saver account offers the following key features:
- Flexible payments. You can change your monthly standing order as required or top-up your monthly contribution if you haven’t already hit your £150 limit for the month.
- Round Ups feature. Every time you spend on your NatWest debit card, the amount will be rounded up to the nearest pound and the spare change will be sent from your current account to your Digital Regular Saver account – this won’t count towards your monthly limit.
- Easy access. You can withdraw funds from your account at any time.
Who is it for?
To qualify for the NatWest Digital Regular Saver account, you must already hold a NatWest current account and be at least 16 years old and a UK resident.
The Digital Regular Saver could be a good option for anyone looking to get into the savings habit, but who would prefer not to lock away their funds for a set term, which is a requirement for many other regular saver accounts.
What are the benefits?
The main benefit of this account is that it can encourage you to save on a regular basis and build up a nest egg. You’ll have the flexibility of being able to access your savings at any time and change your monthly standing order as and when needed.
How to apply
You can open the NatWest Digital Regular Saver account through online banking or through the NatWest mobile app. Registering for online banking (if you haven’t already) only takes a few minutes and you’ll need your sort code and account number as well as your NatWest debit card if you have one. Note that you can only hold 1 Digital Regular Saver account and you cannot hold a joint account.
Is it safe?
Yes, NatWest is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means your money will be protected by the Financial Services Compensation Scheme (FSCS) which covers deposits of up to £85,000 per person in the event the bank ceases trading.
Pros and cons of the NatWest Digital Regular Saver account
Pros
- Easy to open
- Encourages good savings habits
- Competitive interest rate on smaller balances
- FSCS protection
- Easy access to funds
Cons
- You must be an existing NatWest current account holder
- Interest rate drops for higher balances
- Joint accounts are not permitted
Our verdict: Is the NatWest Digital Regular Saver account any good?
If you’re looking to get better at saving and you’re an existing NatWest current account holder, the NatWest Digital Regular Saver account is a decent offering.
This account works slightly differently to more traditional regular saver accounts. It offers flexibility to pay in any amount between £1 and £150 a month as well as access to your savings if you need it.
However, the downside is that once you’ve managed to save up a savings pot of more than £1,000, the interest rate rapidly becomes uncompetitive – and it’s at this point you’re probably better off looking elsewhere.
