NatWest digital regular saver 22 September 2020 at 9:24AM edited 22 September 2020 at 1:14PM in Savings & Investments 75 replies 11.1K views

ivormonee

White_Goldfish said:

I had £300 invested, but the amount -- including the March 1st interest -- was only £301.83. Just not worth bothering about for anyone, I would have thought. Yes, I will need to find a home for that amount, but really that's not too difficult to do. Regular Savings at £50 per month build up interest so slowly, and thus offer more than they deliver, despite the headline 3% rate.

So over six months is the total interest you received £1.83? Doesn't seem like all that much. Not sure though where best to put savings any more as rates seem derisory all over.

White_Goldfish

Yes, indeed, derisory.
No wonder NatWest is promoting the line "Look after the pennies, and the pounds look after themselves."
I'm not, in general, in favour of sweepstakes, but when rates are so low, it seems the best alternative on offer. Nationwide Start to Save has a similar offer, but I missed the start of that one. Still worth a punt, however.

ivormonee

White_Goldfish said:

Yes, indeed, derisory.
No wonder NatWest is promoting the line "Look after the pennies, and the pounds look after themselves."

Perhaps it would be more accurate if they promoted the line "we'll give you pennies (in interest), and we'll keep the pounds ourselves".

colsten

ivormonee said:

So over six months is the total interest you received £1.83? Doesn't seem like all that much. Not sure though where best to put savings any more as rates seem derisory all over.

Could actually have made well over £2 since the account was first launched some 6 months ago. But even if somebody somehow just made £1.83, that's still substantially more than they could have made in that timescale in any other savings account.

For some people, the Natwest Digital Saver is just another one of their 3%+ accounts. For example, I am presently feeding £700 a month into such accounts. 

RG2015

colsten said:

ivormonee said:

So over six months is the total interest you received £1.83? Doesn't seem like all that much. Not sure though where best to put savings any more as rates seem derisory all over.

Could actually have made well over £2 since the account was first launched some 6 months ago. But even if somebody somehow just made £1.83, that's still substantially more than they could have made in that timescale in any other savings account.

For some people, the Natwest Digital Saver is just another one of their 3%+ accounts. For example, I am presently feeding £700 a month into such accounts. 

Just out of interest, which accounts are currently paying 3%+ on regular savers. I presume these are all legacy accounts but I had not realised there were any others paying 3%.

I guess that RBS and NatWest account for £100 per month on their digital regular savers.

veryintrigued

RG2015 said:

colsten said:

ivormonee said:

So over six months is the total interest you received £1.83? Doesn't seem like all that much. Not sure though where best to put savings any more as rates seem derisory all over.

Could actually have made well over £2 since the account was first launched some 6 months ago. But even if somebody somehow just made £1.83, that's still substantially more than they could have made in that timescale in any other savings account.

For some people, the Natwest Digital Saver is just another one of their 3%+ accounts. For example, I am presently feeding £700 a month into such accounts. 

Just out of interest, which accounts are currently paying 3%+ on regular savers. I presume these are all legacy accounts but I had not realised there were any others paying 3%.

I guess that RBS and NatWest account for £100 per month on their digital regular savers.

YBS @£500 being the other

White_Goldfish

I guess that RBS and NatWest account for £100 per month on their digital regular savers.
The maximum investment into the Digital Regular Saver is £50 per month, and I was a month late starting. Hence the return of £1.83 (maybe a few pennies yet to come).
There's another NatWest regular savings account (Savings Builder) which was easier to add to, but the interest on this account has just dropped to 0.25%. Alas.
The YBS regular saver is open only to those with investments in 2020.

colsten

veryintrigued said:

RG2015 said:

colsten said:

ivormonee said:

So over six months is the total interest you received £1.83? Doesn't seem like all that much. Not sure though where best to put savings any more as rates seem derisory all over.

Could actually have made well over £2 since the account was first launched some 6 months ago. But even if somebody somehow just made £1.83, that's still substantially more than they could have made in that timescale in any other savings account.

For some people, the Natwest Digital Saver is just another one of their 3%+ accounts. For example, I am presently feeding £700 a month into such accounts. 

Just out of interest, which accounts are currently paying 3%+ on regular savers. I presume these are all legacy accounts but I had not realised there were any others paying 3%.

I guess that RBS and NatWest account for £100 per month on their digital regular savers.

YBS @£500 being the other

That one, and a Cambridge BS Loyalty Saver, £100/mth

londoner62

When I have reached the £1000 mark, to keep getting the 3%, i presume I still have to make a payment in each month, but is there a penalty for making withdrawals. i.e. if I pay in a pound each month, can I withdraw the pound and the interest after the interest and still qualify for the 3% the following month?

fabsaver

londoner62 said:

When I have reached the £1000 mark, to keep getting the 3%, i presume I still have to make a payment in each month, but is there a penalty for making withdrawals. i.e. if I pay in a pound each month, can I withdraw the pound and the interest after the interest and still qualify for the 3% the following month?

That is covered in the FAQ on the NatWest website:

Do I have to keep my standing order once I reach £1000 to still benefit from the interest rate?

No, but it helps keep you in the savings habit. You will still receive the higher interest rate on your balance up to £1000.