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  • Fixed Term savings account openings up 1700% (4,700 to 82,000 accounts)
  • Total balances eight times higher than 2020
  • Fixed Rate savings accounts at highest level in 10 years

 

The number of customers opening Fixed Term savings accounts has rocketed. As many as 17 times more accounts are being opened compared to in the first half of 2019 according to data released by NatWest.

 

The number of accounts opened in the first half of 2019 was 4,700 which has dramatically increased to over 82,000 in the first half of this year.

 

NatWest increased interest on a one year fixed term account to 5.56% AER. For higher balances over £100,000 this increases to 5.60% AER. The bank also offers a Digital Regular Saver that pays 6.17% AER on balances up to £5000.

 

The average age of customers opening fixed rate savings accounts is decreasing. As more younger customers take advantage of better savings rates, the average age has dropped from 60 in 2020 to 57 in 2023.

 

Scotland is one of the top areas in the UK for account openings along with London and the South East of England. However, the highest rate of growth for account opens is being seen in Wales and the North East of England with the volume of accounts being opened in those areas 30 times higher than it was three years ago. In the first half of 2019, 146 accounts were opened in Wales which increased to 3195 in the first half of this year.

 

Lewis Broadie, NatWest savings expert said: “Customers are taking advantage of our increased rates and saving more than ever in our Fixed Term accounts.”

 

For more information on NatWest’s savings rates visit www.natwest.com

 

NatWest’s current Fixed Term Rates

AER/Gross p.a. (fixed)

5.56% / 5.42% 1 year term on balances between £1 - £99,999

5.60% / 5.46% 1 year term on balances between £100,000 - £5,000,000

5.36% / 5.23% 2 year term on balances between £1 - £99,999

5.40% / 5.27% 2 year term on balances between £100,000 - £5,000,000-Ends-

 

All interest rates correct as at 20th September 2023. You must be 16+ and a UK resident. 

 

For further information contact

Andrew Neilson

andrew.neilson@natwest.com

0131 626 1839 / 0777 197 3550

Disclaimers

This is for media use and not a financial promotion

You must be 16+ and a UK resident. Early closure charges may apply. Not eligible for Round Ups.

Fixed Term Savings Account available until 23rd October 2023. Last day to make payment withdrawals is 3rd November 2023 at 3.30pm. Fixed-term start date is 6th November 2023. Your balance at the fixed-term start date must be at least £0.01 or it will be converted into a Primary savings account. Account me be withdrawn early due to limited availability. Interest is calculated daily from the day you open your account and paid on the first business day of every month and on the maturity date. Partial withdrawals not permitted. Early closure charges may apply. Your account can be opened online or through our app. App criteria apply.

Digital Regular Saver -  You must be 16+ and a UK resident and be a NatWest current account  holder.  Save between £1 and £150 per month, with free anytime instant access to your savings and earn 6.17% AER / 6.00% Gross p.a. (variable) on your first £5,000 and 1.75% AER / 1.74% Gross p.a. (variable) on any amount over £5,000 in your account. Interest is calculated on a daily basis and paid into your account on the first business day of the month.

AER: Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.

Gross mean the interest rate is paid without the deduction of UK income tax.

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