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NatWest savings accounts

With a wide variety of accounts to choose from, NatWest has something to suit any financial goal.

NatWest are the one of the UK’s ‘big four’ banks (as a part of The Royal Bank of Scotland Group). It’s home to roughly 7.5 million UK customers, with 850,000 small business accounts.

Follow the rest of this guide to get a picture of everything that’s on offer with NatWest.

NatWest Select Account

Everyday bank account - Select

  • Easy to use mobile banking app
  • Contactless Visa Debit Card
  • Also available as a joint account
  • No monthly fee
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A bit about NatWest

In 1968 NatWest was formed out of a merger between National Provincial Bank and Westminster Bank. NatWest offers a range of products to suit all banking requirements. Since then, NatWest has been a regular presence on high streets up and down the UK – with 3,600 branches across the country.

In March 2000, The Royal Bank of Scotland completed the acquisition of NatWest in a £21 billion deal – the largest in British banking history. As a result, NatWest is now part of one of the world’s largest financial services groups.

What current accounts does NatWest offer?

NatWest currently offers five different current accounts:

  • Select. This is NatWest’s standard bank account.
  • Reward. Does what it says on the tin and gives you a small reward each month.
  • Reward Silver. Higher cost, with greater rewards and benefits
  • Reward Platinum. Again, higher cost, with greater rewards and benefits
  • Reward Black. This is NatWest’s premium account, with the best rewards and benefits

Use the Current Account Switch Service to close your current account held elsewhere and switch to NatWest by 7 June 2019.

Pay in at least £1,500 and log in to online or mobile banking by 12 July 2019. Before 1 June 2020 use your Debit card linked to your opened account at least once per month.

Applicants must be 18 or over and a UK resident.

What savings accounts does NatWest offer?

NatWest currently offers five different savings accounts:

Savings Builder

  • Variable interest rate when you grow your savings by £50 or more each month
  • Exclusively available for NatWest current account customers
  • Pay into it when you can
  • Unlimited withdrawals

Premium Saver

  • Earn bonus interest on savings between £25,000 and £1 million
  • Exclusively available for NatWest current account customers
  • Withdraw when you need to

Instant Saver

  • Start saving with just £1
  • Exclusively available for NatWest current account customers

Fixed Term Savings

  • Fixed interest rate for one to two years
  • Choose a term that suits you
  • Know what your savings will earn in advance

First Saver

  • Savings account for children under the age of 16
  • Open account with just £1
  • Access funds instantly, if you need them
  • Hold the account in trust for a child or in the child’s own name if over aged 7

What cash ISAs do NatWest offer?

NatWest currently offers three different cash ISAs:

Cash ISA

  • Open account with just £1
  • Save up to £20,000 tax free up in a single tax year.
  • Bring your ISA balances together in one place.

Fixed term ISA

  • Choose a fixed term of one or two years
  • Interest is paid directly into your account and is tax-free
  • Certainty over what your savings will earn

Help to buy ISA

  • Bonus of up to £3,000 from the UK government to put towards your first home
  • Get up to £6,000 if you’re buying a house with someone else and you’re both first-time buyers
  • Available for properties costing up to £250,000 (£450,000 in London)

What is a 'cash ISA'?

A cash ISA is a savings account where you don’t pay tax on the interest you earn. That’s it! The tax-free bit is the only real difference.

Do NatWest offer online or mobile banking?

NatWest offers both!

Customers can manage their finances through a secure online portal, or via a mobile app.

The NatWest app is available to its customers with UK mobile numbers. The app was voted ‘Best Banking App’ in the British Bank Awards 2017. On the app, you can:

  • Login securely with fingerprint
  • Check balances
  • View transactions
  • Pay anyone up to £250
  • Set up text alerts to keep up to date with account balances

Does NatWest offer any student or graduate accounts?

It offers accounts for both students and graduates:

  • Student Account. Apply for an overdraft of up to £2000
  • Graduate Account. Interest free overdrafts, plus benefits and rewards

Does NatWest offer any children’s savings accounts?

NatWest offer the following children’s accounts:

  • First Saver. NatWest have created Pigby World – the account designed to teach kids about saving, while making it fun along the way. Watch videos, and follow interactive adventures on the Pigby Fair App.

Is it easy to switch to NatWest?

NatWest offer a ‘Switch Guarantee‘, which simply means it will make the switchover as painless as possible. If you visit a branch they will be able to help you with:

  • Transferring your payments from your old account (such as Direct Debits and Bill payments)
  • Transferring any balance from your old account
  • Closing your old account

They aim to have this all done within 7 working days.

Compare accounts similar to Natwest

Updated July 22nd, 2019
Name Product Account type Open with Interest rate Protection scheme
Fixed term
£1,000
2.25% AER
FSCS
Fixed term
£1,000
2.15% AER
FSCS
Fixed term
£1,000
2.10% AER
FSCS
Fixed term
£1,000
2.00% AER
FSCS
Fixed term
£1,000
1.85% AER
FSCS
Ford Money Fixed Cash ISA 2 Year
Ford Money Fixed Cash ISA 2 Year
Cash ISA
£500
1.75% AER Annual (fixed)
FSCS
Fixed term
£500
1.80% AER (fixed)
FSCS
Ford Money Fixed Cash ISA 1 Year
Ford Money Fixed Cash ISA 1 Year
Cash ISA
£500
1.55% AER Annual (fixed)
FSCS
Cash ISA
£1
1.41% AER (variable)
FSCS
Cash ISA
£1
1.05% AER (variable)
FSCS
Cash ISA
£1,000
0.85% AER (variable)
FSCS
Cash ISA
£1
0.30%-0.50% AER (variable)
FSCS
Cash ISA
£1
1.45% AER (variable)
FSCS
Fixed term
£100
1.36% (including a 1.16% Bonus fixed for 12 months)
FSCS
Fixed term
£1000
2.60% AER
FSCS
Fixed term
£1,000
2.40% AER
FSCS
Fixed term
£1,000
2.36% AER
FSCS
Fixed term
£1,000
1.80% AER
FSCS
Fixed term
£1,000
2.10% AER
FSCS
YBS 1 Year Limited Access Saver
YBS 1 Year Limited Access Saver
£100
1.40% AER
FSCS

Compare up to 4 providers

How do I decide which account is for me?

You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?

You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:

  • Interest rates
  • Fees (if there are any)
  • Access to cash (if you need quick access for instance)
  • Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)

What are the benefits and drawbacks of banking with NatWest?

The benefits

  • Award-winning app. The NatWest app makes it simple to keep an eye on your finances.
  • Flexibility. NatWest offers accounts for any sort of financial need.
  • High street presence. NatWest has an expansive high street presence with over 900 branches across the UK. If you prefer face-to-face customer service, there’s likely to be a branch near wherever you are.

The drawbacks

  • Better rates elsewhere? Interest rates have risen slight recently, but banks are typically slow to pass on the rise to savers. It helps to shop around to find out where you can get the best deal.
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6 Responses

  1. Default Gravatar
    StevenDecember 27, 2018

    If I open a Natwest saving ISA, is there a penalty for taking money out?

    • Avatarfinder Customer Care
      JeniDecember 28, 2018Staff

      Hi Steven,

      Thank you for getting in touch with finder.

      If you’re pertaining to Cash ISA, there is no penalty in taking money out from your account. It is best to contact Natwest directly if you consider opening an account with them and for further info on this matter.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    GitaNovember 7, 2018

    I want to open an account with NatWest.

    • Avatarfinder Customer Care
      JhezNovember 9, 2018Staff

      Hello Gita,

      Thank you for your comment.

      To open a NatWest account, visit the NatWest website. Set up your account by completing the application form and receive a sort code and account number instantly. This is getting you closer to having your account open. Grab your ID. Your address history, income and ID details will be asked. Basically, you just need to follow the instructions online.

      Please ensure that you have read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  3. Default Gravatar
    AngelineSeptember 17, 2018

    What is the highest saving interest rate with NatWest?

    • Avatarfinder Customer Care
      JhezSeptember 18, 2018Staff

      Hello Angeline,

      Thank you for your comment.

      There are many types of savings account with NatWest. Upon checking, their website states that you can earn high interest with a Savings Builder account.

      If your balance grows by £50+ a month (regular savings condition is met):

      1.50% for balances between £1 and £5,000
      1.50% for balances between £5,001 and £10,000
      0.20% for balances over £10,000

      Balance grows by less than £50 a month (regular savings condition is not met): 0.00%. Interest is paid monthly and on a stepped basis which means you’ll earn a different rate on each portion of your balance within the above tiers.

      Please visit NatWest’s website to see the interest rates of the other types of accounts.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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