Emily Ramsey partners with NatWest to encourage saving
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The £150 cash boost will be paid to anyone who opens an account using its mobile app before 5pm on April 7. Britons will need to deposit £1,250 into their new eligible account, once opened, before May 12 to get the cash.
With the cost of living putting a squeeze on finances, any cash boost could be vital, so savers are reminded to explore their options.
Natwest have also changed the terms of their Digital Regular Saver account.
NatWest has labelled its Digital Regular Saver as a potential option, describing it as a “go-to” account.
Before, people could save regularly, up to £50 a month.
Individuals were able to benefit from competitive interest rate of 3.04 percent AER on the first £1,000 they saved.
However now, people can pay in up to £150 a month.
To qualify for 3.04 percent, people will need to be able to regularly commit to saving between £1 and £150 each month.
With the new change, people can save £1,000 within seven months and earn the interest quicker whereas before it was taking people over a year.
On its website, NatWest said: “That’s not the only change.
“We’ve added a new interest rate for balances over £1,000, so you can save up to £5,000 at a higher rate.”
Once NatWest savers have built up £1,000 in the account, the interest rate drops to 0.25 percent on balances over £1,000 up to £5,000.
It then drops to 0.1 percent on anything above that.
Britons must be a UK resident and aged 18 years or over to open a Digital Regular Saver.
Savers will be able to open the account online or through NatWest’s mobile app.
It is only available for customers who hold a NatWest current account already.
Their account can be monitored through the mobile app, online, in branch or by telephone.
Customers can withdraw their money from their Digital Regular Saver account at any time.
This means it could double up as a savings account and somewhere to keep an emergency fund safe while gaining some interest.
To help people start a healthy savings habit, NatWest has a Savings Goal Tool and a Round Up tool within its banking app.
It confirmed that any money saved with the Round Up tool will not count towards a customer’s monthly limit.
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