NatWest digital regular saver

londoner62

fabsaver said:

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.

Thanks Fabsaver, I think in that case I'll kill the SO when the time comes and put the £50 in an account that'll pay more than the 0.01% I'll get which would be the grand total of 3 pence for 12 payments!

Jami74

londoner62 said:

Thanks Fabsaver, I think in that case I'll kill the SO when the time comes and put the £50 in an account that'll pay more than the 0.01% I'll get which would be the grand total of 3 pence for 12 payments!

I cancelled my standing order months ago. Some months I transfer £50 in, some months it's less and some months it's nothing. I still get 3% on whatever is in there. Obviously it is just taking me longer to get to the maximum interest bearing amount of £1000 but that's okay with me.

sausage_time

RBS and NatWest have updated the account details.  Now you can pay £150/pm, and there are tiered interest rates.  3% on first £1000, 0.25% on next £4000, and 0.1% on amounts above.  So you can max out on the 3% rate sooner, then just trickle £1 in to sustain it.

gt94sss2

sausage_time said:

RBS and NatWest have updated the account details.  Now you can pay £150/pm, and there are tiered interest rates.  3% on first £1000, 0.25% on next £4000, and 0.1% on amounts above.  So you can max out on the 3% rate sooner, then just trickle £1 in to sustain it.

Once you reach £1000 you can just cancel the standing order. There is no requirement to maintain it.

londoner62

I think I'm going to adjust my S/O to £1 p/m and sweep out all over £1k once every six months which will be about £20 (£1's + interest). Maybe treat myself to a beer every six months!!!

murphydavid

I notice that if I were to apply for a Nat West Digital Regular Saver Today I would get a 5.12 AER rate but the one I took out some time ago is stuck at 4.85%. An interesting dilemma because if I can only have one and if I close and take out a new one at the new rate I won't have £1000 in it for some months.

kaMelo

You must have more than £1000 in the account thus dropping the total interest.  Withdraw all but £1000 and your rate will show 5..12%

Thumbs_Up

Starting to find this tedious withdrawing small sums of money to keep below £1000, probably going to knock the Halifax £5 on it's head too.  

londoner62

Is it not the case that you are still getting 5.12% on the £1000, a smaller % on everything above that resulting in the rate you are being shown as your overall rate?

[Deleted User]

londoner62 said:

Is it not the case that you are still getting 5.12% on the £1000, a smaller % on everything above that resulting in the rate you are being shown as your overall rate?

That is correct - £1-£1000 = 5% gross. 5.12% AER
£1001-£5000 = 1%

Per account terms

Earn 5.00% interest on your first £1,000, 1.00% on balances from £1,001 to £5,000 and 0.50% on any amount over £5,000 in your account. Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.