- Customers can enjoy flexibility while being rewarded with higher interest rate.
- Up to three withdrawals can be made during a calendar year with no impact on the higher interest rate.
- The account will reset to zero withdrawals at the start of the new year.
NatWest has launched a new Defined Access Saver, which gives customers a flexible way to save while being rewarded for limiting their withdrawals.
The savings offering is designed for people who want the freedom of instant access but with the benefit of a higher interest rate for keeping withdrawals to a minimum. Customers can make up to three withdrawals a year* while continuing to benefit from an interest rate of 2.50% AER.
Des McDaid, Managing Director of Everyday Banking at NatWest said: “Supporting customers in building a savings habit is about being responsive to their needs, and giving them choices about how to feel confident and in control of their money. The Defined Access Saver is designed to offer an enhanced rate and flexible access when customers need it.”
In research undertaken by NatWest ahead of launching the product, around half of respondents (45%) indicated that they withdraw money from instant accounts rarely or annually, showing the potential ways that a limited withdrawal product could be appropriate for them. Additionally, 83% of respondents said they would value a savings account that offers a better interest rate if customers make fewer withdrawals over a set period of time.
The Defined Access Saver can be opened with no minimum deposit, allowing a savings journey to begin with any amount which can be topped up by the customer at any time – helping maintain ease and flexibility in how customers manage their money.
Applications can be made online by visiting here or via the NatWest mobile app and is available to both new and existing NatWest customers**.
Notes to Editors
*From the fourth withdrawal onwards, the interest rate will adjust for the remainder of that calendar year to 1.04% AER. At the start of each new year, the rate will automatically return to the higher level, and the withdrawal count will reset to zero.
**NatWest Group customers (Royal Bank and Ulster Bank) can apply as new customers for the Defined Access Saver.
