NatWest increases interest rate on savings account to 5 percent – plus £175 free cash

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The new five percent savings rate will see the Digital Regular Saver account increase from 3.75 percent on September 20, 2022. Customers switching to NatWest could also win £1,000 if they turn on the bank’s Round Ups feature which automatically rounds up a transaction, made on the current account debit card, to the nearest pound and sends the spare change into a savings account paying up to five percent interest.

Existing customers can enter too by switching on Round Ups.

David Lindberg, CEO, Retail Banking at NatWest said: “We provide a range of practical support for customers to help them with budgeting and saving as part of our commitment to help people build their financial resilience.

“Customers will be welcomed with £175 and can earn five percent on their savings.

“They will also have the chance to win £1,000 by turning on our Round Ups feature which rounds up transactions to the nearest pound and automatically sends the spare change into their savings account.”

READ MORE: Nationwide offers five percent on ‘popular’ current account – are you eligible?

Customers can also benefit from regular retailer cashback offers.

NatWest’s Select account has no monthly fee and as with all accounts has the benefit of GetCash which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone.

The Select account received five stars, the highest rating possible from Defaqto.

If someone were to deposit £150 each month, for 12 months, their total balance would be £1,800. The five percent interest gained would take their total to £1,839.49.

READ MORE: ‘You have several options!’: How to ‘boost your pension’ in the run up to retirement 

They can even set themselves a goal to work towards with their Savings Goal Tool.

Round Ups don’t count towards the monthly limit, so people can top up their Digital Regular Saver with the spare change every time they spend on their debit card.

Individuals can change their standing order whenever they need to, or top-up their monthly contribution if they haven’t already hit their £150 limit for the month.

People can now earn five percent interest on their first £1,000.

The interest rate will drop to 0.5 percent on balances from £1,001 to £5,000.

Balances over £5,000 will drop to 0.4 percent.

To open an account, people need to be a UK resident, aged 16 years or over and a NatWest current account holder.

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