NatWest: Savers can gain three percent interest rate account – eligibility explained | Personal Finance | Finance

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NatWest is used by millions of people each year to manage their money, particularly in savings accounts. But with interest rates at shocking lows, people are likely to be looking for a suitable option not only to manage their funds but to also grow them. Optimistic Britons could be shopping around for the best type of savings account to meet their needs, and there are a number of options available.

Interest on the account is calculated each day, and will be paid into the account on the first working day of the month.

Money can be withdrawn at any time, which is likely to be suitable for people who need regular access to their cash.

However, when looking to open this sort of account, there are eligibility criteria to bear in mind.

Firstly, the account is exclusively for NatWest current account customers, and so this must be set up before an application can be made.

In addition, a saver must be resident in the UK and aged 18 or over to benefit from the solid interest rate account.

People are only permitted to pay up to £50 into the account each calendar month – including a standing order and any additional funds put in.

NatWest states that at present 162,000 people are currently benefitting from its Digital Regular Saver account, and encourages people to apply.

This is a simple process which can be carried out online, but it is likely there are some supporting documents necessary.

Particularly of note is proof of a NatWest current account, as this is the key eligibility element to unlocking the Regular Saver.

Britons will also need their customer number to verify their identity with the bank.

It is, however, important to note that the interest rate offering from NatWest is on a variable basis.

The bank explains: “We may change the rate up or down. There are a few reasons for this, such as a change in the Bank of England base rate.

“We’ll give you at least 14 days’ notice if the rates are going down and your balance is £100 or more. Otherwise we’ll tell you before or shortly after the change.”

The Bank of England’s base rate currently sits at a historic low of 0.1 percent, however, there has been speculation recently concerning whether this will lower further in 2021.

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