NatWest is offering a competitive savings account with a 5.25% interest rate. Customers can open an account with just £1, and the bank says it is an “ideal” account for people who want to save “little and often”.
Regular savings accounts usually require people to deposit a set amount each month and make minimal to no withdrawals. They work well for disciplined savers who want to build their savings over time and typically offer higher interest rates than standard accounts. The Digital Regular Saver account stays open year after year, and customers will have instant access to withdraw the money if they need or want to.
The balance for the Digital Regular Saver account is listed as between £1 to £5,000 or over £5,000.
For people who open the account, there is a 5.25% interest rate on balances up to £5,000.
Customers should note that interest rates are variable, so they can change.
A note for the account from the bank says that if the rates are going down and a customer’s balance is £100 or more, it will give at least 14 days’ notice.
If the rates are going down and the balance is less than £100, it will inform customers before the change or shortly afterwards.
To open the account, customers must be a UK resident, aged 16 years or over and a NatWest current account holder.
The Digital Regular Saver is for NatWest current account holders only. For those eligible, it can be opened via online banking or through the NatWest mobile app.
The Revolut Instant Access Savings account offers 5% AER at a variable interest rate. Interest is paid daily and it can be paid away or compounded.
The minimum amount needed to open the account is £0 and the maximum amount that can be invested is £5,000,000.
Withdrawals are allowed and there are no access notes for the account.
Another option is the Leeds Building Society Online Access Saver, which has an interest rate of 4.20%.
The account has a variable interest rate and interest is paid on maturity – it can be paid away or compounded.
Customers will need a minimum of £1,000 to open the account and a maximum of £1,000,000 can be invested.
Withdrawals are allowed via a nominated account.