Savings

NatWest account offers attractive 3.25% interest on savings, but there’s a catch | Personal finance | Finance

Savers looking for a new savings account might be tempted by NatWest’s Digital Regular Saver, as they can earn up to 3.25% interest.

While the big banks have been slow to pass on rate hikes by the Bank of England (BoE), NatWest recently hiked rates so Britons will now receive 3.25% interest on £150 per month.

To benefit from this attractive interest rate, people will need to be able to regularly commit to saving between £1 and £150 per month.

The exact amount can be adjusted at any time, but the maximum customers can save each month is £150.

However, once the first target of £1,000 is reached, the interest rate decreases.

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This is one of the best rates available for an easy-to-access savings account allowing customers to withdraw money at any time.

If a person deposits £150 per month, after 12 months the balance would be £1,825.58.

This could be a great account for new savers as it also has a savings goal tool and Round Up tool in its banking app.

Money saved with the Round Up tool will not count towards a customer’s monthly limit.

Currently, the best bank bribes are:

  • HSBC – £170
  • First Live – £150
  • Lloyds Bank – £125
  • Nationwide – £125.