nat west savings rates 1.5% and 1%

Savings Builder
Earn up to 1.5% AER/Gross p.a. (variable) interest including conditional bonuses when you grow your savings by £100 or more each month
You can open the account with just £1
Earn bonus interest for saving regularly
Take your money out whenever you like

http://personal.natwest.com/personal/savings/savings-builder.html#Summary Box

Basically pay in £100 A month to get 1.5% for a year up to 5k in account then 5k to 10k get 1%

Comments

  • RG2015
    RG2015 Posts: 5,821
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    I have had this since October 2016 so not a new account. What is good though for a regular saver type of account is that you can pay in a lump sum up to £10,000.

    Watch out for the £100 increase measurement date being the penultimate working day of the month.
  • EachPenny
    EachPenny Posts: 12,239
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    surfsister wrote: »
    Basically pay in £100 A month to get 1.5% for a year up to 5k in account then 5k to 10k get 1%

    The bonus rate only depends on making the monthly addition of £100 - it keeps on going beyond the end of the first year.
    RG2015 wrote: »
    What is good though for a regular saver type of account is that you can pay in a lump sum up to £10,000.

    You can also withdraw money from the account and replace it in the same month and still earn the bonus rate - just so long as the balance on the penultimate day is £100 more than it was the previous month :)
    "In the future, everyone will be rich for 15 minutes"
  • RG2015
    RG2015 Posts: 5,821
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    edited 8 December 2017 at 11:14AM
    EachPenny wrote: »
    The bonus rate only depends on making the monthly addition of £100 - it keeps on going beyond the end of the first year.
    Good point

    I always thought they would reduce the rate before the year was up. This is a crazy rate for NatWest and is 15 times higher than their Premium Saver for up to £5,000.
    EachPenny wrote: »
    You can also withdraw money from the account and replace it in the same month and still earn the bonus rate - just so long as the balance on the penultimate day is £100 more than it was the previous month :)
    And this is also a good feature.

    It appears that NatWest are rewarding those that can understand their convoluted Ts&Cs and apply them correctly and effectively. :)
  • RG2015 wrote: »

    It appears that NatWest are rewarding those that can understand their convoluted Ts&Cs and apply them correctly and effectively. :)
    Others might think they're trying to confuse customers into failing to jump the hurdles required to get a decent rate.
  • RG2015
    RG2015 Posts: 5,821
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    Others might think they're trying to confuse customers into failing to jump the hurdles required to get a decent rate.
    Can't argue with that and I forgot that they give you a whopping 0.10% if you miss the bus.
  • surfsister
    surfsister Posts: 7,527
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    still a good rate once the terms have been sorted! must be one of the best rates for up to £5 k easy access
  • alanq
    alanq Posts: 4,216
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    From April 3rd balance will need to increase by only £50 to get bonus rate. Also from April 3rd the rate without the bonus will be 0%.
  • To find out the penultimate day, do NatWest use calendar month or monthly anniversary from the date you opened account? Thanks.
  • JohnnyZee wrote: »
    To find out the penultimate day, do NatWest use calendar month or monthly anniversary from the date you opened account? Thanks.
    Penultimate working day of the calendar month.
This discussion has been closed.
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