Natwest savings account: Rates, features and more

Zorica Lončar

Saving for a new house, dream holiday or just want to put something away for a rainy day? A savings account with interest can be a great way to help your money grow.

One of the main providers you’re likely to come across when searching for savings accounts is NatWest. Here, we’ll run through the main NatWest savings accounts on offer, including interest rates and how to open an account.

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What is a savings account?

A UK savings account is a safe place to put your money and earn interest on it, so it gradually increases in value. The interest is paid by the bank or building society providing the account, and can be at a fixed or a variable rate.

There are a few different types of savings account you can choose from to suit your needs. Your choice may depend on how much you can save, whether you can commit to a regular deposit and whether you need easy access to your money.

Some of the most popular types of savings account in the UK include:

  • Easy access - these offer instant access to your money whenever you need it, with no fees or penalties for withdrawals
  • Fixed-rate - these accounts offer higher interest rates if you can ‘lock away’ your money for a fixed period of time (i.e. 1-5 years)
  • Notice accounts - these give you access to your money, but only if you provide a pre-agreed amount of notice (i.e. 2 months).
  • Regular savers - these accounts require a regular deposit each month, up to a maximum sum.
  • Cash ISAs - these accounts let you earn tax-free interest on your savings up to a certain threshold.

Why open a savings account at all? There are a number of reasons, starting with having a financial safety net. With surplus income earning interest, you can build up a nest egg for later life or just in case you lose your job.

People also open savings accounts because they’re saving towards a particular goal, such as a deposit on a property purchase or the holiday of a lifetime.

How do savings accounts work?

Banks and building societies are effectively ‘hiring’ the money you put into your savings account. This is why they pay you interest.

The money in your account is often used by the bank to lend to other individuals or organisations, or for investment purposes. There are strict rules about how much banks can lend out and how much they should keep back, so you don’t need to worry about access to your money.

UK savings accounts offered by banks and building societies offer protection of £85,000 per person under the government’s Financial Services Compensation Scheme (FSCS)¹. This is just in case the bank goes under.

Types of NatWest savings accounts

Let’s take a look at the kinds of NatWest savings accounts you can choose from²:

Digital Regular Saver

A regular savings account for existing NatWest current account holders which lets you deposit between £1 and £150 a month. While it’s an instant access account offering unlimited withdrawals, it’s designed to help you get into a regular savings habit.

Instant Saver

A simple savings account with a relatively low interest rate which can be opened online with just a £1 deposit. It’s only for existing NatWest current account customers aged 16 and over.

Premium Saver

A savings account for existing current account customers which offers higher interest if you can leave your money untouched each month.

You can open a NatWest Premium Saver with just £1, and earn the higher rate of interest on balances between £25,000 and £1 million where you make no withdrawals each month.

First Saver

A NatWest instant access savings account for children under 16, which can be held in trust or in the child’s name. It offers interest on balances of £1+ and is a useful account for teaching children how to save and manage their pocket money.

Fixed Rate ISA

If you can lock your savings away for a term of 1 or 2 years, this Fixed Rate ISA from NatWest is for you. There’s a £1,000 minimum deposit, but any interest earned on balances up to £20,000 is tax-free.

Cash ISA

An instant access ISA which can be opened with just a £1 deposit, offering tax-free interest on balances up to £20,000.

NatWest savings accounts interest rates

Here’s an overview of the interest rates on offer with each of NatWest’s savings accounts:

AccountInterest rate²
Digital Regular Saver3% AER on balances up to £1,000 OR 0.25% AER on balances from £1,001 to £5,000 OR 0.01% AER on balances over £5,000
Instant Saver0.01% AER
Premium Saver0.05% AER for balances from £25,000 to £1 million OR 0.01% AER for balances under £25,000, over £1 million or 1+ withdrawals made in a month
First Saver0.35% AER
Fixed Rate ISA0.10% AER (1 and 2 year terms)
Cash ISA0.01% for balances from £1 to £49,999 OR 0.10% for balances of £50,000+

How to open a savings account with NatWest

Most NatWest accounts can be opened online in as little as 5 minutes². You’ll usually need to be an existing NatWest customer, with a current account and access to online banking.

You can then open an account online or through the NatWest mobile banking app. You’ll need to have your email address and mobile number to hand³.

For some accounts such as the Fixed Rate ISA, you can open an account by telephone, in branch, online or on the mobile app. If you’re going into a branch, make sure you bring your phone or tablet with you so that a member of staff can help you open your account³.

For the First Saver, you can open an account in trust for a child aged 16 or over - provided you’re aged 18 or over. If you’re aged between 7 and 16 years old, you can open an account in your own name as long as you have the consent of your parent/guardian⁴.

Sources used for this article:

  1. FSCS - protection
  2. Natwest - savings
  3. Natwest - fixed ISA
  4. Natwest - first saver

Sources checked on 15-03-2022.

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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