Emily Ramsey partners with NatWest to encourage saving
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Natwest’s Digital Regular Saver account previously allowed savers to put away between £1 and £50 each month. However, from today customers can save up to £150 and still benefit from a cracking three percent interest rate.
The exact amount can be adjusted at any point but the maximum customers can save every month is £150.
On its website, NatWest said: “That’s not the only change.
“We’ve added a new interest rate for balances over £1,000, so you can save up to £5,000 at a higher rate.”
The changes could be good news for savers who feel they have had a rough deal lately.
While the Bank of England increased interest rates, not all banks followed suit.
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What are the new NatWest savings rates?
- Earn three percent interest on the first £1,000,
- 0.25 percent on balances from £1,001 to £5,000
- Earn 0.01 percent on any amount over £5,000 in your account.
Another attractive feature is that 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 banking app.
It confirmed that any money saved with the Round Up tool will not count towards a customer’s monthly limit.
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Meanwhile, experts have shared some advice for things to consider when switching savings accounts.
Britons may wish to consider:
Tax free incentives offered by an ISA
Notice period for withdrawing funds
How interest is paid – daily, monthly or annually
Minimum deposits on the account.
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