Martin Lewis urges customers to switch bank accounts
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The tempting offer is available to new customers who switch their bank account to its current account. In addition, savers will also receive up to three percent if they open a Digital Regular Saver.
However, once someone has saved £1,000 the interest rate will drop to 0.01 percent.
Meanwhile, customers can withdraw their money from their Digital Regular Saver account at any time.
This means it could double up as a savings account and somewhere to keep an emergency fund safe while gaining some interest.
To help people start a healthy savings habit, NatWest has a Savings Goal Tool and a Round Up tool within its app.
On its website it stated: “Just tap in how much you need to save and by when and our Savings Goal Tool will tell you what you need to save each month to get there.”
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The Round Up tool helps customers save their spare change from everyday purchases by moving it into their savings account.
It can help people save more without even thinking about it.
When it comes to working out which is the best savings account, there’s no one-size-fits-all solution.
Virgin Money is currently offering a higher savings rate of 5.02 percent on the first £1,000 saved but a lower cash switching incentive of £100.
Experts have shared some advice for things to consider when switching savings accounts.
Account benefits like free insurance can be a waste of money for some while saving others hundreds over the course of a year.
They also advise using the Current Account Switching Service (CASS) as it means direct debits and standing orders will be moved over automatically.
These days most banks insist on customers using CASS before they will pay the cash incentive.
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What to consider when switching banks:
- Interest rates
- Tax free incentives offered by an ISA
- Notice period for withdrawing funds
- How is interest paid – daily, monthly or annually
- What benefits come with the account
- What are the minimum deposits?
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