Natwest Savings Account - Other options?

Adz1000

Hi all, well, I think it is finally time I started a savings account for the future but have no idea where to start

Basically, I want to be putting away £1-200 a month from wages, then maybe a bit extra from ebay or the like.

I currently bank with Natwest and thought getting a savings account with them may be an easy option so everything can be done via my internet banking? (I would prefer to do it all online as I don't always have time to put cash in manually) I have no idea whether Natwest would be a good account to go with though (its all mostly numbers to me )

First question is; is there a limit to how much I am allowed to put in each month/year?

Second; I did have a little savings account (ISA) with halifax, which i stupidly dipped into every so often, now it is empty :rolleyes: - would I be better off just sticking with that, but I don't know if anything can be done online?

Third; What about just getting another bank card which I could use simply to transfer money into? Although, I presume interest would be very low?

Any help highly appreciated! Cheers guys + girls :beer:

nilrem_2

I bank with Natwest and I do have their esavings account which I do find very useful, the interest is not the best but it is monthly and has the advantage that you can move cash instantly to and from your Nat West current account which means that you can just keep a small amount in the CA and move cash over if you need to buy something or pay a bill, FWIW the rate ATM is 5.08% (5.20% AER). I keep sufficient in the esaver but transfer into Icesave for a better rate when I have a big enough 'pot' in esaver!

robp

eSavings would be good to get you into the savings habit.

Maybe use that to build up a small living buffer, then try the savings fountain:- ISA, Regular Saver account, Standard Saving account.

Both Icesave and Sainsbury's offer good rates for Standard accounts, and will easily beat NatWest.

Good luck with the saving!

Adz1000

Thanks guys, if I do go ahead and apply online for the Natwest savings account (just to start with), is it done by direct debit or just me transfering money over once a month? Will I be unable to make deposits 2/3 times a month (or more) into the savings?

I will check out Icesave as you both mention it too :beer:

robp

You can use the web portal to make transfers between NatWest accounts as you wish, and add a standing order if required to make a regular payment.

For accounts outside of NatWest, the same applies except it will take a little longer for the funds to transfer across.

Adz1000

Ok, I have just signed up for the natwest savings for ease and while I start to build up a nice amount of savings! I opted for £50 a week instead of a monthly payment, will suit me better than one lump sum coming out in one go a month. At least £200 a month will be piling up soon, instead of me ending up buying dvd's every other day :rolleyes:

Thanks again for the help guys, have a :beer: