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NatWest digital regular saver

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  • While its only a small amount you can deposit each month its still 3% and when you run in conjunction with other accounts it all adds up
    Assuming it'll last a year it'll add up to £8.32 in interest.
  • While its only a small amount you can deposit each month its still 3% and when you run in conjunction with other accounts it all adds up
    Assuming it'll last a year it'll add up to £8.32 in interest.
    How do you work that out? Natwest reckons £9.88:


    My own rough and ready calculations are similar, with £9.84:


  • While its only a small amount you can deposit each month its still 3% and when you run in conjunction with other accounts it all adds up
    Assuming it'll last a year it'll add up to £8.32 in interest.
    How do you work that out? Natwest reckons £9.88:


    My own rough and ready calculations are similar, with £9.84:


    I did it in Quicken. Their default is to assume the deposit is made at the end of the compounding period rather than the start for some reason.

    Either way it's less than a tenner and although plenty seem to think it's worth it I'd suggest they review their approach to cash.

  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    While its only a small amount you can deposit each month its still 3% and when you run in conjunction with other accounts it all adds up
    Assuming it'll last a year it'll add up to £8.32 in interest.
    How do you work that out? Natwest reckons £9.88:


    My own rough and ready calculations are similar, with £9.84:


    I did it in Quicken. Their default is to assume the deposit is made at the end of the compounding period rather than the start for some reason.

    Either way it's less than a tenner and although plenty seem to think it's worth it I'd suggest they review their approach to cash.

    Why? It is zero hassle, and running 2 of them across NatWest and RBS means you can double your nearly a tenner to nearly £20, and then you have £1200 in accounts earning 3% for the next period of time. It’s easy access too, so it’s just like transferring £50 to a savings account next to your main current account each month. It’s little reward in year 1 but it’s so little hassle as well.
  • Either way it's less than a tenner and although plenty seem to think it's worth it I'd suggest they review their approach to cash.

    It's certainly not going to make anyone a millionaire, but for the sake of a few minutes' setup, I think it's worth it. 
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 25 September 2020 at 1:33PM
    Appears it's easier to waste a few mins on here typing stuff than wasting a few mins on NatWest website getting a 3% return.

    I'll not mention that RBS are offering the same deal.

    That'll make 6% won't it??? ;-)
  • Sailtheworld
    Sailtheworld Posts: 1,551 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    edited 25 September 2020 at 1:44PM
    Herbalus said:
    While its only a small amount you can deposit each month its still 3% and when you run in conjunction with other accounts it all adds up
    Assuming it'll last a year it'll add up to £8.32 in interest.
    How do you work that out? Natwest reckons £9.88:


    My own rough and ready calculations are similar, with £9.84:


    I did it in Quicken. Their default is to assume the deposit is made at the end of the compounding period rather than the start for some reason.

    Either way it's less than a tenner and although plenty seem to think it's worth it I'd suggest they review their approach to cash.

    Why? It is zero hassle, and running 2 of them across NatWest and RBS means you can double your nearly a tenner to nearly £20, and then you have £1200 in accounts earning 3% for the next period of time. It’s easy access too, so it’s just like transferring £50 to a savings account next to your main current account each month. It’s little reward in year 1 but it’s so little hassle as well.
    Research to find the account, check to make sure it's suitable, apply for account, set up a standing order, keep an eye out for the rate changing (it will) plus you've just added another account to the headspace list.

    Let's say the whole thing takes an hour you'll be valuing your time around minimum wage. If that's worth it then fine but it sounds to me that people aren't seeing the wood for the trees. An employed person may as well review their savings every six months and just do an hours overtime. A retired person might consider whether a few hours work might be more lucrative and healthy than searching out ever reducing rates or call it a pastime.
  • Bravepants
    Bravepants Posts: 1,640 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Personally I think it's an insult when banks have got people desperately dancing around like excited puppies after a few scraps! Ridiculous!
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • One hours work?  Maybe if you didn't already have the reward current account setup and access to online/app banking.  Already several people have applied for it and it literally takes one minute, the SO is setup for you during the application.  
    If by some miracle the account is still paying 3% in 20 months time then we can be earning 3%  on £1000.
  • RG2015 said:
    Not worth the faff for the £15 max interest you will get over the year
    Opened the account in one minute. Where is the faff in that?
    Another account to manage, SO to set up, 1K tied up to earn only £15 in year one, no interest above 1K. Sounds a bit of an option for losers. Anyway enjoy your free coffee and cake in a year's time.
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