NatWest Digital Regular Saver account review
- Interest rate
- 6.17% AER variable (on first £5,000)
- Save
- £0 to £150 per month
- Withdrawal notice
- None
- Open via mobile app
Our verdict
This account encourages good savings habits, and offers a high rate but with several caveats.
If you’re looking for an account with an established high-street name then NatWest’s Digital Regular Saver account could be a good option. It offers one of the highest rates in the regular savings market and flexibility to access your money if you need it.
But bear in mind that while the interest rate might look good, the monthly restrictions on the amount you can pay in each month mean that you might earn less than you expect. The rate also plummets once you’ve saved more than £5,000, so if you reach that threshold you might be better off putting your extra savings elsewhere.
You have to be a NatWest current account holder, so if you’re not keen on that idea then you will have to give this one a miss. Take a look at what other regular saver accounts are available.
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
Details
Account overview
| Account name | Digital Regular Saver |
| Account type | Regular Savings |
| Provider | NatWest |
| Interest rate | 6.17% AER variable (on first £5,000) |
| Gross Rate | 6% |
| Interest paid | Monthly |
| Interest paid details | 1st Working Day of Month |
| Access to branch network | |
| Min. opening balance | £0 |
| Maximum deposit | £0 |
| Min. operating balance | £0 |
| Applicant min. age | 16 |
| Tax note | Interest is paid without tax being deducted, but may be taxable depending on your personal circumstances |
| Withdrawals | Withdrawals permitted |
Product management
| Open via mobile app | |
| Operate via app | |
| Open via website | |
| Operate via website | |
| Open via branch | |
| Operate via branch | |
| Open via phone | |
| Operate via phone | |
| Open via post | |
| Operate via post |
Regular savings accounts are designed to get savers in the habit of setting aside money little and often — and NatWest is one of the most competitive in this market.
Unlike many similar accounts, it also gives savers flexibility to withdraw money if they need it.
This review looks at NatWest’s Regular Saver account in detail.
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 £0 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.
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