nat west savings rates 1.5% and 1%

surfsister

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%

RG2015

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

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

RG2015

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.

PeacefulWaters

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

PeacefulWaters wrote: »

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

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

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%.

JohnnyZee

To find out the penultimate day, do NatWest use calendar month or monthly anniversary from the date you opened account? Thanks.

charlieboycat

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.