Savings Builder pays a bonus interest rate of 1.50% Annual Equivalent Rate (AER) every month a customer increases their savings by £100 (on balances up to £5,000, different interest rates apply above this amount). Unlike competitor accounts, Savings Builder offers full flexibility allowing withdrawals and doesn’t have a set limited time frame for when accounts will mature and close.
Premium Saver rewards customers with 1.00% AER every month they do not withdraw (on balances of £50,000 - £1m, different interest rates apply outside of this).
Customers can open the accounts in branch, online or by telephone and can access their account via the same channel or by using the mobile banking app.
The rates apply to both new and existing customers, as part of NatWest's strategy to not offer teaser rates that can cause customers to think they will receive higher rates on an on-going basis.
Moray McDonald, Head of Products at NatWest said:
“These products have been designed to help our customers achieve their savings goals by rewarding people for getting into great savings habits and helping those who have already saved significant sums with us make the most from their money.”